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Mortgage broker
follyfoot
Posts: 476 Forumite
I have enagaged a mortgage broker who said he will be paid his commission by the lender. however, he has added the following fees which I am to pay to the lender - arrangement fee, repayment fee and conveyancing fee. is this normal?
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Comments
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I don't think any of that is anything to do with his commission, I think those are the fees from the mortgage provider. However your mortgage broker should have informed you of all fees you were being asked to pay. It is the lack of information which I would be concerned about.
If you look on any of the mortgage search websites they detail all the charges which you pay on mortgages which are available. I am not suggesting this is the best way to get a mortgage, just that the information is there as an example. I am confident that you will be clearly advised here by the plethora of brokers who offer their experience on here!!;)
All the best,
CG."You can if you think you can."
George Reeves0 -
CG is correct.
Without actualy seeing the case it is impossible to say for sure but it sounds as though these are just the standard fees charged by the lender which have been added into the mortgage.
Full details should be on the quote or 'KFI' that you were given by your broker, or he should have explained them through to you.
Andy0 -
They all sound like the normal fees quoted on the illustration to meI 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
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Hi just looked at the KF form and most of these fees relate to lender. however, there is one part that states a fee which will be waived if a life assurance policy is taken out. is it normal to waive fees only on this basis? i assumed no fees payable meant exactly that.0
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Have you signed any agreement with the broker?I 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
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not yet. just confirmed with him no charge since i was introduced to him by developer0
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I would ask them to confirm the meaning of this paragraph in the KF - ask him if they will charge you and how much if you do not take the life cover out with them - ask for it in writingI 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
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he sent me an email saying he doesnt charge. is that good enough?0
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I would still ask him to explain that paragraph, as it is ambiguous. If it was clear you wouldn't be posting here. An email is fine as long as it has his name company details etc in the signatureI 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
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Fees have to be clear and advised before they can be applied to you. Wishy washy maybe fees arent allowed.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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