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  • FIRST POST
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:00 PM
    • 12Posts
    • 1Thanks
    Alexia123400
    Can I claim back mortgage broker fees?
    • #1
    • 15th Mar 17, 4:00 PM
    Can I claim back mortgage broker fees? 15th Mar 17 at 4:00 PM
    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.
Page 1
    • zx81
    • By zx81 15th Mar 17, 4:04 PM
    • 12,571 Posts
    • 12,745 Thanks
    zx81
    • #2
    • 15th Mar 17, 4:04 PM
    • #2
    • 15th Mar 17, 4:04 PM
    What were the terms of the payment? Is the fee refundable if the mortgage is declined?
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:08 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    • #3
    • 15th Mar 17, 4:08 PM
    • #3
    • 15th Mar 17, 4:08 PM
    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.
    • zx81
    • By zx81 15th Mar 17, 4:10 PM
    • 12,571 Posts
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    zx81
    • #4
    • 15th Mar 17, 4:10 PM
    • #4
    • 15th Mar 17, 4:10 PM
    The answer will be in the terms and conditions. It will state whether it's refundable or not.
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:20 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    • #5
    • 15th Mar 17, 4:20 PM
    • #5
    • 15th Mar 17, 4:20 PM
    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?
    • zx81
    • By zx81 15th Mar 17, 4:25 PM
    • 12,571 Posts
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    zx81
    • #6
    • 15th Mar 17, 4:25 PM
    • #6
    • 15th Mar 17, 4:25 PM
    You've used the product. It would be a little late to decide you don't want it.
    • dunstonh
    • By dunstonh 15th Mar 17, 4:31 PM
    • 88,385 Posts
    • 53,602 Thanks
    dunstonh
    • #7
    • 15th Mar 17, 4:31 PM
    • #7
    • 15th Mar 17, 4:31 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:32 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    • #8
    • 15th Mar 17, 4:32 PM
    • #8
    • 15th Mar 17, 4:32 PM
    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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