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Hi All, would you expect to have to pay broker fees and solicitor costs when remortgaging with the same lender? This would be leasehold flats held within a Limited Company. Just considering short-term fix vs longer fix costs. Thanks in advance
If you instruct professional advisers to assist, then a Fee is payable.
If you go direct without benefitting from professional advice, then you should not have to pay any fees.
When you work with a mortgage broker, irrespective of the lender (existing or new) that your mortgage is arranged with, the Broker is obliged under strict regulations to carry out full due diligence, research, recommendations and the file must be compliant and robust. Even more so for Ltd Company applications which often require additional paperwork submissions and checks too.
Hope that helps to clarify that you have a choice, and you get what you pay for.
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its unfortunate but you don't get something for nothing these days. If you want advice in anything the you pay for it. The alternative is to follow the legal and mortgage advice of that friend down the pub.
All advisors are regulated in one form or another and so their time and expertise is valued and costly. But ignore it at your peril.
Would you create your own will it get estate planning advice from and accountant and then a Will writer to draft the requirements. Or would you just do it yourself?
A good broker should advise you where it's best to go direct but you'd still pay him for this advice. A good lawyer should advise you when to take out insurance instead of paying for searches, etc. Both charge for their advice and are on the hook for it. You need to assess the value but ignore at your peril.
Chartered Accountant, Tax Advisor and Mortgage broker
(and BTL portfolio owner)
Ok maybe I phrased that wrongly, I've got no problem paying for professional advice.
My question is do I budget for full broker and solicitor costs when remortgaging with the same lender (ie independent legal advice, searches etc) . Thanks
I think you are looking for a product swop with your current lender not a remortgage.in which case you do not need a solicitor or broker.
Many lenders will allow you to do this on line but if not a telephone call should suffice
If you are not changing the terms of your mortgage ie changing repayment method or term then provided your lender is happy you have sufficient equity and have not had any adverse credit registered agaist you then they can usually offer you an alternative product with minimum checks
Ah yes that sounds more sensible. Thanks.
If you are not looking to raise capital at the point of remortgaging, then you can just get your current lender to offer you a better rate, typically a new 2 or 5 year fixed rate. Many will do this with minimal (although not zero) due diligence. If you are looking to borrow more money, then you will need to make a new application, even if it's to the same lender. For a straight rate swap, there should be no valuation, legal or broker fees.
Incidentally, we offer this service anyway as a broker and charge no fees for it.
Hi, thanks for your reply, yes that makes sense, this is my experience with my main residence but I've not had to remortgage my BTL's within the company yet.
Where I am coming from is that if I have to pay full legal/broker costs every time I remortgage, then the 2 year products aren't really worth considering.