01268 90 44 44 sam@mymortgageangel.co.uk

You and I know that in this life, it’s not often we get something for nothing.

This knowledge is often what prompts the first question many potential customers ask me, which is: “What are your fees?”

When I reply that we don’t charge a fee for our advice at My Mortgage Angel, they look at me with suspicion.  “How do you get paid?” some will ask.  Others might mumble something about “hidden charges”.

I don’t blame them.  I would think the same, especially after years of trawling holiday booking sites in search of the ‘perfect’ deal… only to find that many come with a wealth of additional extras!

But we really don’t charge any fees for our mortgage advice, and here’s why.

As an independent, whole-of-market mortgage advisor, I get paid commission by the lenders at the start of each relevant mortgage term.  Though rates vary by provider and product, such commission will typically amount to 0.4% on a new mortgage, and 0.2% on a re-mortgage with the same lender.

Where does this commission come from?

If you were to directly approach a lender for your mortgage, they would have to pay a qualified member of staff to spend their time talking to you to understand your situation and then to prepare the appropriate paperwork, and enter your information into their system. 

The commission paid to independent mortgage advisors like myself, is simply money the lender has saved in not having to pay their member of staff.  Instead, as your chosen mortgage advisor, we would take care of this work ourselves (it takes approximately four hours per application).

Whoever you decide to work with, the only difference will be in the style and potential value of the mortgage advice offered.  The products themselves are exactly the same, though since my advice covers the whole of the mortgage market, I will occasionally have access to different, sometimes cheaper, deals.

Why do some mortgage advisors charge a fee for their advice, and some don’t?

All mortgage advisors are paid commission by the lenders.  But some choose to add a separate fee for their advice, and some do not.

My Mortgage Angel does not.  

The reason for this is simple.  When I started the business, I didn’t want to price anybody out of receiving independent, friendly, and helpful mortgage advice. 

A mortgage is a significant financial decision; the most significant many people will make in their lives.  I believe that everybody should have the opportunity to freely discuss their circumstances and ask the questions they need to ask, without nervously watching either the clock, or their purse-strings.

In accordance with the popular mentality that “you get what you pay for”, people sometimes think that if you’re not paying for mortgage advice, it won’t be good.

However, independent mortgage advisors will often have the advantage of relatively low overheads.  We don’t have expensive High Street offices to maintain, for example. 

Arguably, we will be even more invested in helping you choose the right mortgage deal for you… especially since we only get paid once it starts!

To find out more about our friendly, fee-free mortgage advice, and how it could help you, simply get in touch.

 

Approver Quilter Wealth Limited & Quilter Mortgage Planning Limited. 20/10/2022