Mortgage Brokers are they a good investment for a 1st time buyer

In message , Jon writes

Undoubtedly not. £1k is far too much. Look for one who is truly 'independent' and who charges about £250.

Or one that will charge you nil and just take the procuation fee from the lender

Arent those ones that can only give tied advice, just looking around 1% of mortgage seems to be pretty standard charge, which some reductions for 1st time buyers/ simple cases Jon

In message , Matt Robertson writes

Following the regulation of Mortgages by the FSA the work involved makes relying on the Procuration fee a loss maker so any mortgage broker relying purely on the proc fee could be more likely to recommend those paying higher fees or else try and flog other commission paying products which may not be necessary. If those other products are what the clients need & want, then fine, but beware.

Read

Regards

Simon Clark Business Telecoms

Basically this means that the regulation of mortgages has led to things getting worse for consumers. Nothing new there, then.

After advice from this group I contacted London and Country, who recommended First Direct.

My only concern about this is they recommend a internet only mortgage with seperate capital repayments, isnt that like an endowment mortgage which is a bad thing?

Thanks Jon

Do you mean an interest only mortgage?

Thats probably more like it :)

Well funnily enough, its not the same as an endowment, unless you take out an endowment policy :-)