GE Money - Broker Fees

HKK

Hi all, I hope someone can help. I have been shifting through all my paperwork and came across my mortgage documents. I wanted to know if a Broker can charge £1500 for a 100K Mortgage? I was not aware of this fee and want to find out where i stand with it as its far too much.

Thank you

roonaldo

Yes brokers can charge fee's. You should have been made aware of it by signing a fee deduction form and it should be stated on Key Facts Illustration (if post 31 Oct 2004)

dunstonh

I wanted to know if a Broker can charge £1500 for a 100K Mortgage?

Yes. The FSA sets no limits on the size of the fee a broker can charge. Although it generally requires them to be reasonable and documented. £1500 is very high for a non independent and a bit high for an independent but within the tolerance.

CHARLYDOG

Hi,

I took out a secured loan with GE Money for £30k and was charged a £1000 broker fee.

I never received a key facts illustration - did you?

roonaldo

CHARLYDOG wrote: »

Hi,

I took out a secured loan with GE Money for £30k and was charged a £1000 broker fee.

I never received a key facts illustration - did you?

you wont on a secured loan

dunstonh

I took out a secured loan with GE Money for £30k and was charged a £1000 broker fee.

Seems like a reasonable charge. Exactly the range you would expect for an independent but a tad high for a whole of market. However, as already said, there are no limits placed on what fee a broker can charge.

I never received a key facts illustration - did you?

If it was a regulated mortgage then you would have done as part of the contract you signed. If it was a non-regulated mortgage then you wouldnt have done. However, the contract would still have contained very similar information.