Originally posted by Lance
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Fee Free Mortgage Advisors
Collapse
X
-
-
Originally posted by revelator1969 View PostHypothetical situation coming up
So lets say i contact a fee free mortgage advisor, give them all my details, they come back with a deal for the Nationwide 2.39% starting rate, 2 year fixed, no fees from lender.
I contact a popular mortgae advisor, give them all my details, they come back with a deal for Nationwide 2.29% starting rate, 2yr fixed, no fees from lended, advisor fees are between £600-£900.
So from what i can see on the 2 Keyfacts Illustrations, they are both identical except i will be paying a lot more to the second advisor for the same deal. Am i missing something. WHy would i go with the advisor asking for a fee of £600 to £900.
0.1% of an unknown amount is unknown.
Why the different quotes from Nationwide is a better question. What different information is the adviser giving them?See You Next TuesdayComment
-
Originally posted by revelator1969 View PostHypothetical situation coming up
So lets say i contact a fee free mortgage advisor, give them all my details, they come back with a deal for the Nationwide 2.39% starting rate, 2 year fixed, no fees from lender.
I contact a popular mortgage advisor, give them all my details, they come back with a deal for Nationwide 2.29% starting rate, 2yr fixed, no fees from lended, advisor fees are between £600-£900.
So from what i can see on the 2 Keyfacts Illustrations, they are both identical except i will be paying a lot more to the second advisor for the same deal. Am i missing something. WHy would i go with the advisor asking for a fee of £600 to £900.
You would need to look at how much you're paying in interest over those two years. If you plug those rates on a 25 year, 300k mortgage into a basic mortgage calculator, you'd pay just shy of 4.5k more interest on the fee free advised loan over its lifetime (assuming that the rate doesn't change; I was too lazy to find one that would do an illustration where the rate changes after a set time).
I paid for mortgage advice yonks ago and got a deal that didn't feel great at the time but was easily affordable. Then came the mighty crash and rates plummeted. My 1.5% above base rate lifetime tracker with offset was a godsend. I kept the payments fixed at the rate I took the loan out at and ended up overpaying by about 60% each month. My offset savings negated most of what little interest I was paying. It was a deal I couldn't have gotten without a broker and I believe they earned every penny of their fee.Comment
-
Originally posted by Lance View PostIt depends on the size of the mortgage.
0.1% of an unknown amount is unknown.
Why the different quotes from Nationwide is a better question. What different information is the adviser giving them?Comment
-
I recently used Super Contractors
Fee free, they get their money via the lenders. They got a me a deal I was very happy with and I can't praise them enough. I'm not connected to them in any way, just happy with the service.
If people here want to pay up front that's up to them, personally I'm happy with using a "fee-free" advisor who is upfront about how they make their money.Do what thou wiltComment
-
Originally posted by revelator1969 View PostI made a mistake opening this thread in general. There seems to be so many people who defend paying a fee. I asked for fee free suggestions. If you cant comply with my request then please refrain from posting more irrelevant nonsense.
Also-
If you weren't such an aggressive twat, somebody might have been on to advise you that you're looking to find a broker who can smooth the application past the underwriters. Standard credit policy at most lenders would preclude contractors, so what is needed to process your application is some 'discretion' on behalf of the lender - you're paying a fee to make this happen. You'll also benefit from lender specific rates which aren't available in the branch window - they're made available to broker firms, not to regular punters. You'll also benefit from not having to spend f*c*ing hours in a branch dealing with MCOB trained box tickers. So, without wishing to piss on your chips, you pay the fee because:
It's cheaper in the long run
HTHComment
-
Originally posted by Dark Black View PostI recently used Super Contractors.
Fee free, they get their money via the lenders. They got a me a deal I was very happy with and I can't praise them enough. I'm not connected to them in any way, just happy with the service.
If people here want to pay up front that's up to them, personally I'm happy with using a "fee-free" advisor who is upfront about how they make their money.Comment
-
Originally posted by PhiltheGreek View PostFTFY
Also-
If you weren't such an aggressive twat, somebody might have been on to advise you that you're looking to find a broker who can smooth the application past the underwriters. Standard credit policy at most lenders would preclude contractors, so what is needed to process your application is some 'discretion' on behalf of the lender - you're paying a fee to make this happen. You'll also benefit from lender specific rates which aren't available in the branch window - they're made available to broker firms, not to regular punters. You'll also benefit from not having to spend f*c*ing hours in a branch dealing with MCOB trained box tickers. So, without wishing to piss on your chips, you pay the fee because:
It's cheaper in the long run
HTH
Oh and most of the advisors who do charge, most of them started as fee free, once they build up their reputation and business then they start to charge people like you. So at what point did these advisors become worth paying for when they used to be free, are they offering something wonderful and exotic that they did not before.
My circumstances are simple now and i have no requirement to pay over the top fees. Im glad you think its worth your while but i personally dont. Good luck to you but your way oi thinking does not make sense. You have paid your fees and you need to believe it was good value for money.. Good for you.
I have successfully applied for many mortgages in the past, at what point does this process become worth £1000. Oh yeah the 'advice'. Some advise for free, some advise for £1000.Comment
-
I think I know what you are after. You want a fee free mortgage advisor.
That advice was for free.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
-
Originally posted by northernladuk View PostI think I know what you are after. You want a fee free mortgage advisor.
That advice was for free.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment