The
number of fee-based Mortgage Brokers has grown rapidly
in recent years.
The
idea with fees is that you pay these charges up
front, so that there's no suggestion that the Mortgage
Broker is influenced by any commission from the
mortgage they recommend.
In
other words, the advice is genuinely independent.
The
new FSA regulations mean that a broker has to justify
to them that s/he gave you the best deal available
to you. They are supposed to be checked up on regularly
and can lose their licence if found to be giving
bad advice.
However
whether the FSA - after the initial enthusiasm of
a new organization - will really police this properly
is yet to be seen. Let’s hope so…
It’s
probably best to be wary.
Only
rely on yourself in the first instance
and always check the mortgage you’ve been
offered against say the
latest
best buy tables.
The
standard charge at the time of writing is around
£75 an hour (usually after a free initial
meeting). However many brokers will offer you a
flat fee of say £200. That might be a better
approach as you know what it will cost you.
If
paying a fee, after you've added all the letters
and follow-up, you may find that paying by commission
would have been cheaper. However, you will be more
sure that what was recommended really was in your
best interests.
It
is also possible to pay by a combination of fees
and commission.
The
Mortgage Broker may be willing to set some of the commission
generated against their fees, or refund some of their
commission to you. This is often negotiable with the
Mortgage Broker.
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