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

wilkenson

I had no idea about brokers and mortgage fees beforehand and the
broker realised that.He was recommended by a friend .My friend has few houses but still he doesn't know anything about mortgage procedures and he relies on this broker.

If I know exactly where he is charging me too much or breaking the law in some point I can talk to him.
The reason I am here to first get enough information before I set again on the table with him.
thanks for your reply GMS.

ACG

We cant give you the answer without the information we need first.

You need a KFI and an IDD from him.
You need a breakdown of each cost broken down (there is no point in saying mortgage fees, we need to know what they are) so you have a list of each individual fee, how much, who it gets paid to and when.

Without that we are second guessing.

adzy77

Im really surprised by this....when I took out my mortgage they wouldn't continue with the application until they had emailed me the KFI document which tells you EVERYTHING about the mortgage in order for you to review and make an informed decision on if you wish to proceed.

Until they sent this and me and my partner had both read it they would not continue processing the application.

How have you not had this or ignored it?

wilkenson

He didn't give me anything and I didn't know what KFI is.

GMS

wilkenson wrote: »

He didn't give me anything and I didn't know what KFI is.

So what exactly did you pay £2500 for?

Surely you would have asked.

100% certain this is a wind up now.

ACG

GMS wrote: »

100% certain this is a wind up now.

I have worked with a broker that would happily rip people off if he knew he would get away with it. I actually told the owner of the firm he was basically robbing someone and he told me its none of my business.

So i dont doubt there are people who would take advantage and it was for closer to double what the OP is talking about.

adzy77

wilkenson wrote: »

He didn't give me anything and I didn't know what KFI is.

Okay, well make sure you get on to your broker first thing tomorrow morning and have a stern word with them. Don't get off the call until you are fully satisfied and know what you are paying for.

GMS

ACG wrote: »

I have worked with a broker that would happily rip people off if he knew he would get away with it. I actually told the owner of the firm he was basically robbing someone and he told me its none of my business.

So i dont doubt there are people who would take advantage and it was for closer to double what the OP is talking about.

Can't have it that somebody willingly parts with £2,500 without knowing why.

kingstreet

Is this a residential house purchase transaction, or something else?

wilkenson

GMS wrote: »

So what exactly did you pay £2500 for?

Surely you would have asked.

100% certain this is a wind up now.

I fined out the £2500 mortgage fees beside application fees was going to his pocket his own fees. instead of Broker fees or application fees the broker put the £2500 as a ( mortgage fee ) really confusing it is nearly end of the purchase if I disagree with the broker I am scared he will miss everything up and cause me problem. Have been charged too much a day light rubbery. Really confused:mad: