Reclaim Mortgage Hidden commission Charges

jythlk

Guys


Have you heard about claimimg hidden charges with regard to mortgages. I was told that if you have hired a mortgage broker there is a chance that we could claim hidden charges as most brokers do not disclose to us how much they are getting as commission.

Its wrong for them not to have disclosed to customers first place and if they have sold any mortgage products there is a possible claim for the mortgage customers.

Await your replies

_Andy_

Are you saying your broker didn't disclose the commission?

Wutang_2

jythlk wrote: »

Guys


Have you heard about claimimg hidden charges with regard to mortgages. I was told that if you have hired a mortgage broker there is a chance that we could claim hidden charges as most brokers do not disclose to us how much they are getting as commission.

Its wrong for them not to have disclosed to customers first place and if they have sold any mortgage products there is a possible claim for the mortgage customers.

Await your replies

How would you know?

MBM

You should receive a key facts illustration which will say at the bottom fo the document how much commission the broker is receiving. Furthermore, when you receive your offer from the the mortgage lender this will also say how much is being paid to the broker. Therefore I cannot see how these charges are hidden.

Mrs_Bumble

As above the commission has been disclosed on all Key Facts Illustrations since regulation and again on the mortgage offer to make doubly sure.

Why do you think that there are hidden commissions?

dunstonh

There has only been one successful case on this. And the only reason that succeeded was because the broker in question took a fee for his services. So, by getting a fee and a commission there was a conflict that should have been resolved.

Most people either pay a fee or go by commission. Not many do both.

The payout in this case was tiny and the legal action cost more. You are looking at a typical commission of around £250. Its not worth the cost of legal action if you do happen to have been someone that didnt have disclosure and did pay a fee as well.

Its wrong for them not to have disclosed to customers first place and if they have sold any mortgage products there is a possible claim for the mortgage customers.

Disclosure on products has been round for a long time. Investment backed products for around 20 years. Mortgages for about 5 years and insurances will vary from 20 years to the last few depending on the type of broker/adviser used, the product and the provider.