Morgage advisor charge

halien1

on my morgage offer it says that my morgage advisor is charging me 460.00 pounds for arrnaging this morgage for me the bank is also paying connells 250.00 i was not told of the 460.00 charge ??? is it correct? do i have to pay it? i dont even think i will have that much after al the solicitor fees

Dan_1976

Does not sound right, I am sure they dont charge still. Although connells do the valuation, check its not for the valuation!?!

dunstonh

If the adviser is taking commission and fee then they have to fully disclose both prior to application. This is where the recent court case involving a broker fell foul and the broker was forced to refund the commission. Had both been disclosed it wouldn't have been a problem.

However, as Dan says, you may not be reading it right. The offer may just be showing the amount of the commission and the valuers fee.

halien1

i have already paid for the valuation but surely connells cant accept money from the bank and me?

halien1

this is what it says:

your morgage advisor is charging you the following amount for arrnaging this morgage fir you
non refundable fee is payable to connells on application.

but it also says on my morgage offer in section 13 using amorgage intermediary
nationwide will pay connells and connells no more then 250.00 in cash or benefits of you take out this morgage.

i need to go through my paperwork dont i and see if this fee is stated anywhere?

Dan_1976

No prob, check it though. They can take money from both. However the KFI and the offer has to show all fee's paid. WHo did you pay for the valuation?


Check the IDD from your first meeting, this will tell you if they charge and take commission.

I used to work for Sequence (Owned by CONnells) and I am sure they dont charge, it was a good 5-6 years ago mind.

Dan_1976

To arrange for our local Consultant to call and discuss your requirements, please contact us using the 'Go' button above and we will be in touch with you as soon as possible.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

A fee of up to 1.5% of the mortgage amount will be charged. A typical fee is £199.

Just found this, shocking!

But they can do it but they have to declare it to you. You need to talk to your Broker first thing in the morning. If you really were not told and they are charging you, give a good boll@@@@@@ !!!

halien1

ok im going to look through everything i have now hes on holiday till mnday now but he knows what im like when im not happy!
he is also my FA and the estate agent im buying the house off.
im so annoyed imight have been tricked into this!

halien1

ok i found a document called morgage services valuation arrnagement fee broker fee and customer declaration, it says the 460 is the homebuyers report arrnagement fee, (we have already paid this as we have had the homebuyers report) is that what it is??

is it good news?

halien1

we have alreayd paid this amount went through my cheque book yay panic over

Dan_1976

Hi, yes that is the valuation fee I was on about. People dont know it but a 3rd of Connells business is valuations. The lenders use them to do the report. Obviously its not an estate agent who does the report.

I got my post above from the website, they may only have it up to cover backsides.