commission rebate on a new mortgage

rebelmc

Hi.

I know exactly which mortgage I want to go for (Wooliwch lifetime value tracker, if you're interested).

If I went through a broker I know they'd get a commission, whereas if I go to Woolwich directly the Woolwich will save that money. I asked them if they could split the saving with me and (predictably) got a negative answer so my question is - are there any brokers out there who'll offer a no-advice split commission service for a new mortgage?

I tried mortgagegenie but they only work on remortgages (almost worth taking out a new mortgage and then immediately remortgaging but I don't think I'll bother).

Thanks for your help.

MortgageMamma

post deleted

dwight-van-man

Hiya, I doubt you'll find any broker who'll do a commission split on a mortgage. IIRC Woolwich commission rate is only 0.3% or 0.35% of the loan amount and given the level of admin required to process a mortgage app from the brokers end, even when you've already picked the product, this often doesn't even represent a break even point.

As regards asking the Woowlich to work some kind of split, mortgage commissions are only paid on broker-introduced cases and have no effect on the mortgage rate or fees charged, coming instead from the lenders marketing budget. There is no budget for this for branch or direct cases so I'm amazed anyone in the branch even knew what you were talking about.