Broker and mortgage fees cost ????????????

kingstreet

Do you have a key facts illustration for the recommended mortgage product?

What are the fees listed in section 8, please?

Remember, we can't see what you have in front of you, so something you describe as "mortgage fees" doesn't necessarily mean the same thing to us...

dunstonh

I have been already charged £1500 by the bank for bank charges.

What are these bank charges?

wilkenson

ACG wrote: »

You have an advisor there helping you with everything.
If they recommended their solicitor they will be able to help.
If they didnt then they will still be able to help determine why you appear to be spending so much with in legal costs.

To give you an example, the lady i tend to use charges around £980 for the work she does, the costs incurred for work done for the lender (these will be on your KFI), the searches and land registry costs.

Where can I find KFI please ???

wilkenson

dunstonh wrote: »

What are these bank charges?

These are the standard mortgage charges the bank add on mortgage.

GMS

wilkenson wrote: »

Where can I find KFI please ???

You should have been given an Initial Disclosure Document (IDD) detailing broker fees and level of service.

The Key Facts Illustration (KFI) will show the product details i.e loan, rate, product type, lender fees and broker fees.

What have you been given so far and what fees (exactly) have you incurred?

wilkenson

The only thing I have from the broker is the fallowing list of fees.
valauation fees £1200
Application - 500
Solicitors search - 300
Solicitors - 1400
Mortgage fees - 2500
Land registery - 270
Initial interest rate - 3.89%
home insurance - 400
legal fees 700

---

All the above + 1500 Bank fee charges which is added to my mortgage.

Never heard before something like (Key Facts Illustration (KFI).

GMS

So you have no IDD or KFI?

Which lender are you going with?

Impossible to answer your queries with the information you provide.

You should have had some paperwork from the broker. Have you signed a fee agreement?

Failing to provide the paperwork needs reporting if it is the case. Personally I would find another broker.

Have you paid any fees so far?

ACG

As above, its very difficult to give an answer as there is not enough information.

The broker should have given you a document like this:
www.fsa.gov.uk/smallfirms/pubs/other/form_style_M_IDD_V9.doc
This is an IDD and section 4 will disclose what fees you pay to the broker.

Here is an example of a KFI:
http://www.fsa.gov.uk/pubs/mgi/aardvark_kfi.pdf
The broker should have also given you this so you can get all of the information about the deal.

The only thing these would not cover off to the full extend would be legal fees, but we could at least reduce down what you are paying to who and when and possibly assume the rest is going to the solicitor.

Its a requirement to send these documents, no two ways about it. Ask the broker for them.

wilkenson

GMS wrote: »

So you have no IDD or KFI?

Which lender are you going with?

Impossible to answer your queries with the information you provide.

You should have had some paperwork from the broker. Have you signed a fee agreement?

Failing to provide the paperwork needs reporting if it is the case. Personally I would find another broker.

Have you paid any fees so far?

That is right no IDD and KFI sofar.
I paid him already £2500.

GMS

wilkenson wrote: »

That is right no IDD and KFI sofar.
I paid him already £2500.

Is this a wind up?

You pay £2500 to somebody with no idea of what you are getting?

Did you get magic beans with it?