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Mortgage Fees and Brokers
Andrew_Ryan_89
Posts: 530 Forumite
Hey guys,
I had an Agreement is Principle with one broker.
He never met me face to face and I was a little clueless about a lot of this things.
I met another broker who talked me through everything, filled in all the paperwork and generally was much more helpful. We went for a different mortgage which was slightly cheaper but had a lot more up front cost including a £1450 booking fee and £400 broker fee.
I paid up as I was in a rush. We put our offer for the place in a few weeks ago but because of holidays etc, the old broker was not around and the house remained on the market until the valuation had been booked. To his credit, the new broker got all the paperwork done, contacted the agent and the bank to arrange the survey within 24 hours (the bank tried but couldn't make contact with the agent in the end).
However, now having time to reflect, I have no idea why I went for this mortgage as the one that was agreed with the old broker, and also available to the new one, had no booking fees. Yes, this bank moved a lot quicker and I did not want to miss out on a home over £1k, but now it's bugging me.
I just wanted to know, with the booking fee,do you get your money bank if the mortgage falls through? The broker kept telling me that I do but won't get the valuation fee back.
Just wanted to make sure
I had an Agreement is Principle with one broker.
He never met me face to face and I was a little clueless about a lot of this things.
I met another broker who talked me through everything, filled in all the paperwork and generally was much more helpful. We went for a different mortgage which was slightly cheaper but had a lot more up front cost including a £1450 booking fee and £400 broker fee.
I paid up as I was in a rush. We put our offer for the place in a few weeks ago but because of holidays etc, the old broker was not around and the house remained on the market until the valuation had been booked. To his credit, the new broker got all the paperwork done, contacted the agent and the bank to arrange the survey within 24 hours (the bank tried but couldn't make contact with the agent in the end).
However, now having time to reflect, I have no idea why I went for this mortgage as the one that was agreed with the old broker, and also available to the new one, had no booking fees. Yes, this bank moved a lot quicker and I did not want to miss out on a home over £1k, but now it's bugging me.
I just wanted to know, with the booking fee,do you get your money bank if the mortgage falls through? The broker kept telling me that I do but won't get the valuation fee back.
Just wanted to make sure
0
Comments
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Have you paid the booking fee yet?
Are you suggesting going through the process all again and getting a mortgage with another bank?0 -
Have you been provided with a KFI document for the mortgage product that was recommended?0
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Q...My Mortgage is with underwriter at halifax now, Mortgage Advisor ask for tax review for last 3 years saying Underwirter ask them,i have submited them next days he said they asking for Bankstatment and tax return for 2015 where deadline to submit them is Jan 2016. I am doubting how come Underwriters ask everyday few things, which i already submited....Do i contact them directly ..i dont have any contact detail as MA said he only can follow as its threw him....and asking to wait its 2 weeks now...ANY ADVISE ....pls0
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@RajFanda, you should start a new thread of your own. The Mortgages & Endowments board is a more appropriate place for your topic.0
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Thank you Malmo new to this will do tht....0
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