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broker fees
Comments
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dwsjarcmcd wrote: »This broker is having a laugh. A 4% fee plus the proc fee.
Given they have been greedy, I think I would go to the Principality yourself and save any fee payment.
It's not the fact that it's 4% of the loan amount, I came across one advertising 5% last week! It's the actual amount in this case.
It takes the same amount of time to fill in and process a £25,000 mortgage as it does a £250,000 mortgage so why should somebody be charged less. The client doesn't have to accept it.
I just feel that £1,000 is a high fee regardless of the size of the mortgage.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
£1000 fee on that size mortgage is just wrong
(for the brokers - I'd like to see justification on how that is TCF)
As has been stated above by brokers you can either find a fee free adviser or an adviser who will charge less definitley.
This broker sounds like he is trying to maximise income from all his clients, but by reading this post here hopefully you will be a little more savvy now and look aroundI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Direct your broker to this thread!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Ian_Griffiths_Halifax wrote: »It's not the fact that it's 4% of the loan amount, I came across one advertising 5% last week! It's the actual amount in this case.
It takes the same amount of time to fill in and process a £25,000 mortgage as it does a £250,000 mortgage so why should somebody be charged less. The client doesn't have to accept it.
I just feel that £1,000 is a high fee regardless of the size of the mortgage.
Ian, While accepting you point, the converse is also true in the example you quote where someone advertised a 5% charge. That means that on a typical £100k loan, they would charge £5k. Truly shocking!
David0 -
The FSA really need to extend RDR to mortgage advisers. They may not do initially but they have got to do it sooner rather than later as there are too many rip off merchants giving advice. It will harm the decent and genuine mortgage advisers (who are the majority) if they dont do something about it. A rotten fruit damages all the others.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.0
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The FSA really need to extend RDR to mortgage advisers. They may not do initially but they have got to do it sooner rather than later as there are too many rip off merchants giving advice. It will harm the decent and genuine mortgage advisers (who are the majority) if they dont do something about it. A rotten fruit damages all the others.
I couldn't agree more!0
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