Broker Fee

cheryl1985

Hi there,

My partner and I were in the middle of a new build purchase when we realised it was not right for us.

We were referred to a mortgage broker who charged no fee due to an arrangement with the Housing Association whom were selling the property.

We have now renegotiated the exact same mortgage (for a higher purchase price) with the same bank/provider (Santander) and are now being pushed to sign a fee agreement (£399) which my broker had on the phone agreed to waive on the condition that we back our mortgage up with life insurance, which we totally intend to do.

My question is are we in a position where this agreement has to be signed or can we refuse?

We are first time buyers and our purchase deposit is taking us to the limit financially and I do not want to get caught out and forced to pay the afore mentioned fee.

Any advise would be most appreciated.

Many thanks in advance.

ACG

Your under no obligation to sign a fee agreement.

But you should ensure your fee agreement does state the fee will be waived if you take out whatever insurance it is you agreed to take out - in line with what was agreed.

If it does not then refuse to sign it on the basis it is not what was agreed, only signed what was agreed.