To Fee or Not to Fee? That is the question when looking for mortgage advice in London. What I would say is mortgages are not just about finding the best mortgage rate. Sure, that is a large factor but there is more to finding the best mortgage than that. There are often other setup fees you might not see at first glance when taking out a mortgage. Some mortgage companies will charge an arrangement fee, a booking fee, insurance administration fees, lender comveyancing fees. They will often charge you to exit your mortgage deal early as a % of the loan to be paid in the early years for exiting your deal. If you weren’t aware of these charges you could easily get involved in a deal that has a better headline rate but cost more to setup or exit.
To Fee So back to my question, why would you pay a fee for mortgage advice in London. Well the reason is to get good advice you will be employing someone who is an expert in their field. Reading the small print is second nature to them and researching the mortgage market for the best rates is a daily task. A fee of typically £200 to have an expert look at your options could ultimately save you hundreds of pounds on your mortgage. Hey, you might get lucky and bank with the lender who is currently offering the best rate and competitive setup charges, but in most cases this will be unlikely. Even so £200 for peace of mind when we are talking about one of the most significant financial decisions you will make I feel should be money well spent.
Not to Fee
If you don’t pay a fee you can take your chances on your own, you may even find an adviser that won’t charge you a fee. From my experience I wouldn’t be able to comment on the amount of time an expert would be prepared to spend with you for no remuneration, but I could guess you wouldn’t be high on the list. Having said that there are occasions where a fee can be offset against other related products. On some occasions mortgage fees can be offset against commissions earned on other related products such as insurance which you should have to protect your assets and family. This however isn’t working for free it is merely working fairly with the clients interests clearly in mind, something of course all our mortgage advisers do.
If you are looking for Mortgage Advice in London then speak to one of our mortgage advisers. If they need to charge you a fee to give you the attention you deserve they will let you know at outset. If you wish to offset fees against other mortgage related products such as mortgage protection insurance they can discuss your options with you. In all cases we give a free 30 minute mortgage consultation to clients.