A new advice service called Unusual Mortgages has been launched, designed for borrowers looking for large mortgage funding.
The company, set up by independent advice firm Unusual Risks, says customers could include company executives, British expatriates, celebrities, sports people, professional buy-to-let landlords and property developers.
Recent changes within the mortgage industry around the sanctioning and agreeing of mortgage loans mean many new consumers may feel inclined to seek professional mortgage advice, but are questioning some of the high arrangement fees being charged by brokers for more complex, large mortgage situations.
Chris Morgan, lead financial adviser of Unusual Risks, comments:
“Unusual Mortgages offers highly experienced and expert advice from an industry leading financial adviser in return for highly competitive fixed arrangement fees. On a number of occasions we have met clients who have been quoted elsewhere, broker arrangement fees of between 1 per cent and 1.5 per cent of the mortgage, which can equate to literally thousands of pounds of extra fees.
“We have now developed a business model and professional advice process that allows us to offer independent mortgage advice at highly competitive fixed broker fees. Unusual Mortgages have recently saved one particular “large loan” client literally thousands of pounds in arrangement fees and total interest payable over the term of his loan’.
The “large mortgage” client in question had been quoted elsewhere an arrangement fee of 1.35 per cent of their total buy-to-let mortgage which equated to £2,700 of extra fees. In comparison Unusual Mortgages charged the client a fixed broker fee, which equated to almost £2,000 in savings in upfront arrangement fees.”
The same client also saved thousands of pounds of interest on a development mortgage loan to build a further property, as it was able to negotiate a lower interest rate on a mortgage of £300,000. The saving totalled £14,000 in interest over the 12 month term of the development loan.
Unusual Mortgages charges a set fee of between £595 and £995 payable on application.
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