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Contractor Financials now charge a £900 mortgage fee!

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    #11
    Pay the fee to who can provide the fastest service, because the average house goes up more than that in a week, so every second counts!

    Get on that property gravy train NOW! Toot-toot!

    Boomed!

    Comment


      #12
      Originally posted by DimPrawn View Post
      Yes, in the old days, there was no fee. They got paid by the mortgage lender, which means they flogged you the product with the biggest commission, meaning you got a piss poor deal and ended up paying an extra £10K in interest rather than £800 due to being sold a crap mortgage.

      You prefer that business model then?
      Maybe back in the 1980's or 1990's possibly when regulation was not anywhere near what it is today you had a few cowboy mortgage brokers who did business this way but it was only the few and often they were caught and shut down. For a long time I can safely say no mortgage broker would recommend a mortgage based upon the commission a lender provides as there are strict processes and checks which would pick this up in no time and the broker would lose their licence to submit mortgage business. The commission lenders pay is pretty much in line with each other anyway, there is very little difference from one lender to the next in their procuration fees (commission payments to the mortgage brokers/networks).

      With increasing regulation changes and costs as well as additional steps mortgage brokers have to go through to place a mortgage (lender's are always changing criteria, requirements and rates constantly) it simply takes more time to place a mortgage now than it used to and I believe this is the reason you may see brokers who previously didn't charge fees, starting to charge fees.

      Brokers do charge different fees though and some charge upfront where others charge only upon completion. Best to look around and get a feel for what each company offers and then make your decision from there.

      Kind Regards
      Ben

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        #13
        Can sort of recommend Freelancer Financials but I did have to give them a "metaphorical" kick mid way through the process to get things moving, (not entirely their fault granted) but they were very good after I'd done that.

        IIRC their fee was £500.

        qh
        He had a negative bluety on a quackhandle and was quadraspazzed on a lifeglug.

        I look forward to your all knowing and likely sarcastic and unhelpful reply.

        Comment


          #14
          Originally posted by DimPrawn View Post
          Yes, in the old days, there was no fee. They got paid by the mortgage lender, which means they flogged you the product with the biggest commission, meaning you got a piss poor deal and ended up paying an extra £10K in interest rather than £800 due to being sold a crap mortgage.

          You prefer that business model then?
          The good ones didn't. Ours once recommended we take a product from a provider who didn't pay commission at that time! If you don't trust your IFA, you might as well not use them.
          Originally posted by MaryPoppins
          I'd still not breastfeed a nazi
          Originally posted by vetran
          Urine is quite nourishing

          Comment


            #15
            Oh ffs, are you a contractor or what? Round it up to £1000 and tell them to keep change!

            That's the MF way.

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              #16
              Originally posted by AtW View Post
              Oh ffs, are you a contractor or what? Round it up to £1000 and tell them to keep change!

              That's the MF way.

              Tell them they can have the house price rise for the 1st week of occupancy, same thing.

              Comment


                #17
                Originally posted by AtW View Post
                Oh ffs, are you a contractor or what? Round it up to £1000 and tell them to keep change!

                That's the MF way.

                waste money where you can to show off your style! People will restecpa you then ;P

                Comment


                  #18
                  No issue with paying a fee for a certain level of service, just more of a surprise that it went straight to the £900 mark when previously they were fee free!

                  I am aware brokers are remunerated by way of a commission from the mortgage provider, so the fee must be additional to this.
                  And today I'm sure there is 0% chance they could get away with selling a mortgage based on a higher rate of commission!

                  I can see AS financial provide fee free contractor mortgages and can see some great reviews too. I'll give them a call tomorrow.

                  R

                  Comment


                    #19
                    I have just completed a remortgage with Martin at A S Financial and was very happy with the service.
                    I'm sorry, but I'll make no apologies for this

                    Pogle is awarded +5 Xeno Geek Points.
                    CUK University Challenge Champions 2010
                    CUK University Challenge Champions 2012

                    Comment


                      #20
                      Originally posted by Pogle View Post
                      I have just completed a remortgage with Martin at A S Financial and was very happy with the service.
                      Nice avatar
                      'CUK forum personality of 2011 - Winner - Yes really!!!!

                      Comment

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