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adrian b

Mortage Broker

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Hi,

I'm about to start the process of taking out a mortgage on a property I bought for cash (its in a limited company) and also looking to re-mortgage a couple of other buy to lets (held on own name). Previously I've sourced mortgages myself but now (due to it being within a company) most of the best deals are via brokers. 

Any recommendation for whole of the market property mortgage brokers? 

Also what are the typical fees charged by a broker (I have spoken to John Charcol and they charge £1495 in fees for the LTD company mortgage on top of the lender product fees which seems very high) - any advice/rules of thumb about typical broker fees?

Thanks

Adrian 

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Hi @adrian b

With regards to whole of market brokers, the fees should be tailored to your suit your situation.

For example, there are a couple of lenders in the market who do not pay brokers a procuration fee. If one of these lenders happened to be the best route for yourself, then the broker would need to charge an alternative fee to ensure they’re paid correctly for their work. Alternatively, if the advised lender paid the broker say 0.3%, then this should be factored into the brokers fees too.

A good broker will always conduct their fact-find and research first, then present their tailored fees alongside their recommendation.

I hope this is helpful and please do let me know if you have any questions. Happy to assist you if required.

Best Regards 

Nathan Cole


Nathan Cole CII (MP)

Mortgage Consultant at Private Finance

Office: +44 (0)1743 211 855

Email: nathan.cole@privatefinance.co.uk

Website: www.privatefinance.co.uk

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Hi Adrian,

I previously worked for John Charcol, and left because they were pricing themselves out of the market (that's not their only problems either). 

Yes, Limited Company Buy to Lets are a specialised area, but they're not as complicated as some brokers make out. A couple of years ago, you only had a handful of lenders to choose from who would lend to Limited Companies, but at current count there are over 30 to choose from, and this competition has brought lower rates, and more straight forward underwriting processes.

The way I work when calculating a broker fee is that I would look my client's who situation and total number of mortgages they are looking to review and based a fee on that - if a client will be doing more mortgages with me, it makes sense to other them a cheaper broker fee. To give you an example, I had  client refinance 5 Ltd Co BTLs in Q4 last year and we agreed a price of £500 per case and only paid on completion.

If you would like me to review your situation for you, feel free to get in touch!

Best,

Aston

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19 hours ago, adrian b said:

Any recommendation for whole of the market property mortgage brokers? 

;) Yes (see signature) - Typical Fee is £495 but can be lower depending on whole situation.

You should not be paying £1,495 @adrian b to John Charco. That's a fee that shouts they do not want your business.

As you outline a lot of the market leading deals are Mortgage Adviser only.


:wub: Get Mortgage Advice from my Team at Bespoke Finance on 08009202001 or email hello@bespokefinance.info 
:ph34r: 
Please don't take my messages on Property Hub as Personal Financial Advice, just a rambling guy passing time on a Coffee Break.
 

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