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EpicSquats

Are mortgage advisors worth paying for?

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Just now, EpicSquats said:

It's £699 for them to put in a mortgage application for you. Is it worth it? Can they get mortgages you can't get yourself? Cheers.

Paid mine £250, he did all the leg work, looking at different lenders, saved me over 2G's over 2 years

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Just now, D 4 Damage said:

Paid mine £250, he did all the leg work, looking at different lenders, saved me over 2G's over 2 years

Sounds good. I'm sure it's a false economy not paying for one and trying to find a deal yourself. 

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1 minute ago, Tricky said:

Mine was free he got his cut from the bank I took the Mortgage  with 

That doesn't generally work in your favour since they aren't technically working for you.  Better to get a true independent, what they save you over 5 years will more than pay for the fee.

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3 minutes ago, Fina said:

That doesn't generally work in your favour since they aren't technically working for you.  Better to get a true independent, what they save you over 5 years will more than pay for the fee.

Well with 20% deposit there was a few mortgages came up on his screen and we went with the best rate 3.7% over 2 years fixed 

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Yeah you are better off going with one. They go over all your stuff and they tend to know who would accept you. Saves you putting loads applications forward which actually affects your credit rating 

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You can compare mortgages on money supermarket website, better rate mortgages usually have fees but depending on the size of your mortgage it may or not be worth it as often on smaller mortgages the fees spread over 24 months work out higher than the payment would be with the slightly higher rate fee free mortgage. 

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11 minutes ago, interloper393 said:

Deffo... mine got me a extra 30k amount and saved me 1.2% over 5 years, also get £500 cashback with the morgage do that paid his fees ???

An extra 30k and do you mean interest was less by 1.2% like it went from 3.6% to 2.4% for example?

That seems a massive drop, what were you comparing it to?

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sorry if your using a broker only pay for one, that is completely independent and has access to the entire market. Ask them to confirm that in writing to you before you start.   if they are not they will networked and only have a certain share in the market.   A decent one is worth it as they can make the mortgage process simpler, just finding the best rate is only a fraction of the job, making sure you fit the lending criteria of the bank etc is also essential.

 

 

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24 minutes ago, monkeybiker said:

An extra 30k and do you mean interest was less by 1.2% like it went from 3.6% to 2.4% for example?

That seems a massive drop, what were you comparing it to?

Yeah bank would only give me 60k morgage and 3% fixed over 2 years, if now got a 90k morgage, 1.8% fixed over 5 years

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25 minutes ago, interloper393 said:

Yeah bank would only give me 60k morgage and 3% fixed over 2 years, if now got a 90k morgage, 1.8% fixed over 5 years

Did you try putting it into a comparison website?

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17 hours ago, Tricky said:

Mine was free he got his cut from the bank I took the Mortgage  with 

Same here. Used the same guy for years, every time the mortgage was up for renewal.

I paid him nothing, and he got me very good deals every time.

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I've taken out quite a few mortgages over the years, some I've gone direct to mortgage co, some I've used a broker.

I would definitely advise anyone to shop around direct as well as speak to brokers. As brokers have access to a lot of offers that aren't available to the general public.

I wouldn't pay a fee though. From my experience all the decent brokers have access to the same deals whether they charge a fee or not. 

Also be careful as IME some of the brokers will try and steer you towards deals that they earn the most commission on rather than the one that is actually best for you.

But you should be able to get a feel for this if you speak to enough of them. 

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On 03/02/2020 at 6:24 PM, Fina said:

You can do the work yourself, but its generally better to pay someone in these sort of situations unless you really have the time to research.

You dont need to research. Just go on Moneysupermarket, GoCompare etc.

If you have over 20% equity right now it will tell you the best deal going (for 5 years fixed) is 1.49% from Santander. More equity or a different term you might get even better.

No broker is going to do any better than this, infact they will probably go wherever they get more commission.

People brag that their broker got them a great deal  and they got 2.5% or something, literally anyone can go on Confused.com and get better in 5 minutes. They've paid over the odds for the mortgage and they've paid somebody £500 to "organise" it.

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I've been with First Direct for the past 5 years, they beat everything on money supermarket at the time, - I am currently paying 1.65%, think the best they have at the moment is 1.54%, - First Direct customer services are excellent - you will never find them on a price comparison site, The Direct part in their name means they never go through a third party, mortgage broker, comparison site etc

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19 hours ago, USERNAME said:

I've been with First Direct for the past 5 years, they beat everything on money supermarket at the time, - I am currently paying 1.65%, think the best they have at the moment is 1.54%, - First Direct customer services are excellent - you will never find them on a price comparison site, The Direct part in their name means they never go through a third party, mortgage broker, comparison site etc

Not true, screenshot taken from MSE:

Screenshot 2020-02-12 at 09.48.10.png

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59 minutes ago, b0t13 said:

if your good with numbers and know how to compare then they are NOT worth it,

they are essentially middlemen for people who are s**t at maths and lazy people..

 

Have to agree with this. 

Used same guy 3 times for my mortgage over the last 15yrs and has always been spot on,1st time I had to go 'self cert' due to having to go over to self employment 6 months before application. 

I used to always do my own research aswell but not in real depth but I actually found a slightly better deal than he did couple yr ago after spending ages going through the math and he couldn't find any other that would beat it. 

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