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Original poster

Are all mortgage advisors this bad?

34 replies

Popcornshovel · 24/06/2023 09:44

Cutting a very long story short 😩 We need a very small mortgage, LTV is 82.9% so it’s a great cash deposit we have. I very stupidly paid the upfront fee for the mortgage advisor to arrange this for me over 2 weeks ago. I’m still waiting for an agreement in principle. I’ve sent all the details of earnings and bank statements on 4th June 😩 Yet I’m still waiting and being “ghosted” by the advisor. Managed to speak to him on Tuesday and he said he was off on Wednesday but the banks had requested more information (I feel like he’s taking the piss) I don’t want the mortgage right now as I don’t have a property. I just want AIP and he hasn’t returned my calls or emails since. Should I contact agency that he is working through or is this completely normal behaviour for an advisor charging £550 up front and being the most sloppy worker I’ve ever come across? 😤

OP posts:
eurochick · 29/06/2023 06:48

An AIP takes ten minutes to do online. You really don't need a broker.

darkmodeon · 29/06/2023 06:49

Popcornshovel · 29/06/2023 06:29

5 days later….. and I’m still waiting for my agreement in principle! 😞 or even a bloody budget of what we can borrow! I feel like he’s waiting for the maximum increase in interest rates. 😤

Find someone else

Doggymummar · 29/06/2023 06:55

Swallow the loss, you can do it yourself in 10 minutes online

JustGotToKeepOnKeepingOn · 29/06/2023 06:59

I've never paid anything to set up a mortgage either. Just sort it yourself online and either right off the money you paid upfront or chase them down for a refund.

cupcakesarelife · 29/01/2024 23:57

I have a mortgage broker who is not charging a fee and they will get the commission from the bank. But i was recommended a different broker by a friend and she charges £500 for her services. I just don’t understand why the charge is £500! It feels steep.

can anyone explain why a mortgage broker would charge that?? Is this a normal amount?

Twiglets1 · 30/01/2024 06:38

cupcakesarelife · 29/01/2024 23:57

I have a mortgage broker who is not charging a fee and they will get the commission from the bank. But i was recommended a different broker by a friend and she charges £500 for her services. I just don’t understand why the charge is £500! It feels steep.

can anyone explain why a mortgage broker would charge that?? Is this a normal amount?

This is a zombie thread.

But brokers who are completely independent do charge a fee. Brokers like L& C who are free and perfectly good enough in my opinion, are not completely independent. They are affiliated with certain lenders (a wide range of them) & get paid by the lender you choose to go with.

People in straightforward situations shouldn’t really need to pay for a broker in my opinion but if your situation is more complex due to self employment or adverse credit history you may need to if the “free” brokers can’t find you a deal you’re happy with. They aren’t really free because they do get paid, but by the Lender not the person taking out the mortgage.

Maddy70 · 30/01/2024 07:19

My husband is an ifa and he gets so frustrated with providers. They take so long. It may not be your brokers fault. One provider has a 15 day response time to an email! (One of the bigger ones woth a good rate)

cupcakesarelife · 30/01/2024 12:29

Twiglets1 · 30/01/2024 06:38

This is a zombie thread.

But brokers who are completely independent do charge a fee. Brokers like L& C who are free and perfectly good enough in my opinion, are not completely independent. They are affiliated with certain lenders (a wide range of them) & get paid by the lender you choose to go with.

People in straightforward situations shouldn’t really need to pay for a broker in my opinion but if your situation is more complex due to self employment or adverse credit history you may need to if the “free” brokers can’t find you a deal you’re happy with. They aren’t really free because they do get paid, but by the Lender not the person taking out the mortgage.

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thanks for responding! but do you think £500 is quite steep ? I just thought it was daylight robbery

Twiglets1 · 30/01/2024 12:31

cupcakesarelife · 30/01/2024 12:29

thanks for responding! but do you think £500 is quite steep ? I just thought it was daylight robbery

Show quote history

I've never paid a broker a penny so I definitely think it seems steep! I just go with one of the free ones though as our situation has always been straightforward.

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