Singing Pig

Has any seasoned investors got any comments good or bad about The Money Centre. I have watched them for a while, considering contacting them for some purchases and some re-mortgages. Can do this via pm or phone if required. Looking forward to any construtive comments.

Regards

D H

Hi D H.

I've had both good and bad experiences with TMC's agents - most are really good, but I've dealt with one who consistently took over a week to respond to each call.

Be warned though... the reason I no longer use them is that they charge you a broker fee (typically 1%) regardless of whether or not you complete the purchase.  This can be very expensive in the BMV game where perhaps as many as 1 in 3 deals fall apart (seller changes mind, extra secured debts come out of the woodwork, etc.).

Have fun,
Alan

AFAIK, the maximum broker fee is still £5.00 if a mortgage offer is not taken up, let alone no offer at all.

OFT do not take too kindly to any broker fee being dressed up as "advice", valuation, admin, processing, etc.

Thanks Alan and George

George could expand on your comments. What is AFAIK ??

ps  I don't get out much.

Hi Bill

Stupid me, should have asked my kids first.

Perhaps you could also explain what George means when he says maximum £5.00 if taken or not. Alan was correct TMC do charge 1% but I was not aware that if it DOES NOT complete then fee still charged.

Any other FA's ( brokers ) out there fancy a challenge and helping me do some fairly basic mortgages.

Regards

D H 

 Hi David,

I'd be more than happy to see if I can help you. I do charge fees, but nothing like TMC levels and only if you complete the mortgage.

Feel free to drop me an email.

Kind regards

 Jai
 

 FYI  or for those who dont have kids "For your information"

What do Mortgage Brokers Charge?

A Mortgage Broker will usually see you free initially and then charge either an hourly fee – from £50 to £150 (typically £75) plus VAT – or you can agree on them taking a commission.

By law, all authorised Mortgage Brokers must explain their charging policy on your first meeting.

This will be set out in an Initial Disclosure Document which you should be given. It must state what you will have to pay for the service and explains whether the firm will refund a fee in any circumstances.

The commission normally comes from the company providing the mortgage the Mortgage Broker has recommended to you.

If you pay by commission, the Mortgage Broker has to reveal what it is.

When recommending a mortgage, the Mortgage Broker has to outline why they are recommending this - using the Key Facts Illustration (KFI).

This KFI document includes details on the recommended mortgage and how much the broker's fee or any commission will be.

source: http://www.mortgagesorter.co.uk/mortgage_broker_charges.html