Can I claim back mortgage broker fees?

We applied for a mortgage last week which got declined, despite having a mortgage in principle!
Are we able to claim back the £500 mortgage broker fees we paid? We are still within 14 days, am I right in thinking there is a 14 day cooling off period.

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  • [Deleted User]
    [Deleted User] Posts: 35,242
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    What were the terms of the payment? Is the fee refundable if the mortgage is declined?
  • Hi
    Thanks for replying, I'm not sure to be honest. As we had the mortgage in principle the option of what would happen if the mortgage was refused was never discussed.
  • [Deleted User]
    [Deleted User] Posts: 35,242
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    The answer will be in the terms and conditions. It will state whether it's refundable or not.
  • Thanks
    So even if it's within 14 days this still applies.
    There's no cooling off period?
    Is this a legal obligation or not?
  • [Deleted User]
    [Deleted User] Posts: 35,242
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    You've used the product. It would be a little late to decide you don't want it.
  • dunstonh
    dunstonh Posts: 116,030
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    Advice fees are not a product charge. You are paying for advice. You received the advice. So, nothing to refund.

    Some mortgage brokers will refund part of the fee if a mortgage is declined or will find an alternative lender at no additional cost. However, unless their contract says they will refund any money then they do not need to.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Ok. That makes sense
    Thanks for clearing that up.
    I felt like he was using delay tactics to take me over the 14 days which will be this Monday 20th.
    Now I know this is not the case I can relax and see what else he suggests.
    Thanks again
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