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are mortgage brokers all now charging?

(7 Posts)
spottytable Mon 23-May-16 16:06:21

I've used the same mortgage broker for years and years - he's amazing. I'm after some new advice and looking and mortgages and he's now introduced a fee. Considering the amount of commission he'll receive if I was to take out a mortgage, I think it's pretty cheeky. But I wondered if this common practice now as I've searched for others and it seems the same? His fee is £350....

WhoKnowsWhereTheTimeG0es Mon 23-May-16 16:11:31

It's the law now, they have to charge fees instead of commission, for greater financial transparency.

rosie1959 Mon 23-May-16 16:18:56

The rates of commission paid on Mortgaged has dropped Fees are very common and a good Mortgage Broker can offer a deal that saved greatly on the amount you pay in repayments
A Mortgage Broker has costs and over heads and actually has to pay to practice so like solicitors and estate agents they cost money

AutumnDragon Mon 23-May-16 16:47:02

WhoKnowsWhereTheTimeG0es - I believe it is only investment advisers this applies to. Mortgage Brokers can still choose whether to charge a fee or not, but in my experience, it's the better ones do charge. My broker charges now because the fees paid by the banks have dropped over recent years and the cost of regulations has rocketed.

WhoKnowsWhereTheTimeG0es Mon 23-May-16 17:22:35

Is it? We toyed with changing mortgage last year and the IFA I use for investments quoted us a few hundred for mortgage broking so I assumed the same applied, the change had all been explained carefully to me previously WRT investments. I'd rather pay a few hundred up front than years of commission to be honest.

ExploraDora Mon 23-May-16 21:17:16

We just remortgaged using London and Country Mortgages (recommended on MSE) and there was no fee charged.

Muskateersmummy Mon 23-May-16 21:21:19

We got our mortgage last year. Saw a whole of market broker who didn't charge a fee and was excellent

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