3k Broker Fee's!

redfish0

About 2 years ago, I remorgaged my flat. At the time, everything seemed fine but I've been over the paperwork recently due to buying a new home and having to remorgage again, I have spotted that the broker charged 3k on to my mortgage as a fee.

I think that its a rather excessive fee to tak onto my mortgage especially when I had to pay an up front fee too.

Is there anything I can do about this fee considering I have since changed my mortgage?

Thanks.

TEDDYRUKSPIN

The broker will have or should have told you the fee they will charge you. For example, they will usually say 5 percent of the property or 500 quid.

I suggest you just phone up and give it a go. In the long run, they will say no or maybe yes?

dunstonh

Sounds like it was done before regulation of mortgages. Wouldnt hold out much for your chances of getting anywhere.

If you think it has been done fraudulently, then you may have some luck on that front. After all, if you paid up front and paid again by adding to the mortgage, that does seem a bit dodgy.

Make sure you are not mixing up commission/remuneration from providers with a bill you pay directly.

MortgageMamma

You should have checked at the time - did you not read through your paperwork?

redfish0

At the time I knew very little about mortgages. I still dont know that much but having searched around on here, it seems to me that 3k is rather a lot.

The adviser seemed good and went through everything with me but never mentioned anything about the fee on my mortgage. I never spotted it in the masses of paperwork originally and I thought my mortgage was a little more than it actually was anyway so nothing looked out of place at the time. But now I'm looking at mortgages myself, it seems rather a large fee.

missile

That seems excessive, but if you did not question it at the time......... but still worth asking and suggest you also speak to mortgage company. Do not think they will like it and may be able to exert some pressure on the advisor.

MortgageMamma

I don;t think you stand a cat in hells chance of getting it back. For one, it was before mortgages were regulated by the financial services authority. when mortgage became regulated lots of advisors left the industry as they didnt want/couldnt cope with the amount of paperwork and new rules. Your advisor would well have left. If he/she is still there, they will deny not telling you about it at the time, you will get the "oh well we have given it to you in writing at the time you could have objected then" speech, and as mortgages were not regulated at the time there was no requirement for the firm to disclose how much they were paid anyway. Sorry to be the bearer of bad news, but I just can't see them taking you seriously. It was your responsibility to read through the documents at the time.

fez_2

it wasn't the "adviser" that was good, it was the "salesman" in him that was good.