UK Landlord Forum / Life

Hi,
I am in the process of taking out my third Buy To Let Mortgage with The Mortgage Works. Whilst I am not thrilled by some of their charges I am happy with their product and the way it works suits me, but using them means I cannot apply directly but have to go via a broker. I am very happy with said broker, but his charges have increased from £150 2 years ago, to £245 last year and now £395.

I am long term self employed with accounts etc., the mortgages are not based on income and have all been sub £100K and I put down a 25% deposit. I am well aware that my broker earns from both sides, I have a good proven track record and I know the deal and product I want.

I just wondered how this compares to others.

Very good broker  and payed £99 last year.

I didn't pay anything but Barclays gave the broker £500 ish, so I suppose I paid that in the end.

I think look at any fees you paid for your mortgage and you broker together over time, I would suspect this total number has remained constant?

Quote from: fishpond on November 08, 2014, 09:35:27 PM
Very good broker  and payed £99 last year.

Thanks for your reply Fishpond, any chance of a bit more detail?

Kind regards

Pete

Quote from: boboff on November 09, 2014, 12:10:15 PM
I didn't pay anything but Barclays gave the broker £500 ish, so I suppose I paid that in the end.

I think look at any fees you paid for your mortgage and you broker together over time, I would suspect this total number has remained constant?

Thanks boboff for taking the time to reply. The fees/commission paid to the broker by The Mortgage Works have remained fairly constant at around £300 for a £70k mortgage, my fees to TMW vary depending on which deal I go for, but the bottom line is that by the time all the fees are paid, the 2.99% mortgage is in reality more like 5% for the first couple of years.

Would love to hear from a few others for their experiences.

Kind regard

Pete