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Mortgage agency sum requested too high?

somethingsomething
somethingsomething Posts: 3 Newbie
in Mortgages & endowments
I was told that I could get the mortgage I want (which is higher than I was told I could get at other agencies) but they asked for £3000 upfront.

Is this a normal amount? Seems really high

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What is the fee listed as?

    £3,000 up front sounds mental though.
    I am a Mortgage Adviser
    You 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.
  • somethingsomething
    somethingsomething Posts: 3 Newbie
    The amount is what I would pay to them after they find the mortgage I need ( £200000 ).
    Other agencies did not want to give me that much , the maximum was around £130000.

    Does this sound legit?
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Agencies?

    Who is the fee for and what lender has been recommended? When is the fee payable?
    I am a Mortgage Adviser
    You 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.
  • somethingsomething
    somethingsomething Posts: 3 Newbie
    The agency is Mortgage Finders

    Halifax is the bank they recommended.

    Here are what they told me will happen:
    1.Apply on phone (with the bank)
    2.As soon as agreed in principle - you pay
    3.Finish application
    4.If declined , we go to another lender.

    I am worried about point 4.
    What do you think?
  • R_P_W
    R_P_W Posts: 1,528 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    so you pay £3k for an AIP from a highstreet lender that they have already given you the name of?!
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You have already stated that other lenders wouldn't lend enough so risking 3k is a dangerous game.

    I do not know anything about you so cannot comment on the recommended lender.

    Have you asked for a copy of the lender affordability calculation?

    For the record an AIP with Halifax is not the best.
    I am a Mortgage Adviser
    You 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.
  • wannahouse
    wannahouse Posts: 381 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    GMS wrote: »
    Have you asked for a copy of the lender affordability calculation?

    For the record an AIP with Halifax is not the best.

    can i just ask, is an AIP which has gone through the underwriting dept and approved, with lloyds TSB pretty airtight?
  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    somethingsomething wrote: »
    I was told that I could get the mortgage I want (which is higher than I was told I could get at other agencies) but they asked for £3000 upfront.

    Is this a normal amount? Seems really high
    Try this;-

    http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

    Does the amount you need appear close to the output of the calculator?

    Is there something unusual about your income?

    £3,000 is ridiculous, IMHO.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
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