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Mortgage Broker Advice - urgent
Rac_1
Posts: 3 Newbie
I have just had advice from a FSA specialist broker as Im looking to remortage. I have heaps on unsecured debt that I would like to roll into my mortgage as I have plenty of equity. He told us the case was borderline but he had managed to get a decision in principle from a major high street building society. He wouldn't tell me which one but my credit report did!
He then proceeds to tell me his fees are £7K which he needs up front to START the application.
What stopping me going direct to the lender and are these fees normal??
Can anyone recommend a broker who won't charge such crazy fees?
He then proceeds to tell me his fees are £7K which he needs up front to START the application.
What stopping me going direct to the lender and are these fees normal??
Can anyone recommend a broker who won't charge such crazy fees?
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Comments
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Nothing to stop you going direct. Selecting thee correct lender is important though.
7k broker fee is absolutely not normal.I am a Mortgage AdviserYou 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.0 -
One thread at a time please - to help us help you !
https://forums.moneysavingexpert.com/discussion/5154796 #12 to which there are already a couple of repliesHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
£7k in fees! Are you sure they are a regulated advisor? Try knocking a 0 off and thats much much closer.
They should be regulated by the FCA (not the FSA). It all changed a year or so ago.I am a Mortgage AdviserYou 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.0 -
Nearly two years ACG, April 2013
Tempus fugitI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
So 7k in fees is absurd, but one interpretation of the facts.
Maybe they are charging double for a Sunday assuming this was posted this evening and badged as just seen. Obviously I jest but we need more information to go off.
And as stated, going direct to the lender is likely to end in tears. If you have that much unsecured credit there may not be a stream of high street lenders that will lendI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Hi rac
Case is borderline but you have passed a dip with a lender he has gone to without telling you who they were
Any chance you've seen an illustration of costs or just a demand for 7k ?
If this is the normal fee for a broker I can retire in 12 months time !I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, feel free to check our website for our registered number. 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.0 -
Why would you want to?
The other issue here is that regulatory wise we should be discussing fees before completing the factfind as part of our terms of business.
We should be doing a factfind before the DIP, so they have not followed the correct procedure.
But aside from that, I dont think any broker can justify £7k.I am a Mortgage AdviserYou 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.0
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