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Mortgage Brokers
stephenhogg
Posts: 3 Newbie
We remortgaged about 4 years ago and used a home finance company to facilitate this.
When they had done all the boring, hard work, they let us into the fact that we would have to pay almost £2000 for their services, but this was a one off payment and would allow us access to their services for the life of the mortgage (20 years).
Naively, we accepted this and the 2k was added onto the mortgage. We have used them twice since to rework our mortgage deals and have not really been satisfied with the service we have received, but as we have paid for their services......
We now wish to borrow more money to extend our property and now they advise us that they will charge a 1.5% fee for arranging the new borrowing.
Given that we paid this money up front, and that we are not entirely satisfied, is there any way we can ask for a partial refund on the £2000 that we paid them for their services?
When they had done all the boring, hard work, they let us into the fact that we would have to pay almost £2000 for their services, but this was a one off payment and would allow us access to their services for the life of the mortgage (20 years).
Naively, we accepted this and the 2k was added onto the mortgage. We have used them twice since to rework our mortgage deals and have not really been satisfied with the service we have received, but as we have paid for their services......
We now wish to borrow more money to extend our property and now they advise us that they will charge a 1.5% fee for arranging the new borrowing.
Given that we paid this money up front, and that we are not entirely satisfied, is there any way we can ask for a partial refund on the £2000 that we paid them for their services?
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Comments
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I suspect that contractually they will have this sown up. Cut and run, if you are arranging a further advance go to the lender direct and save yourself 1.5%. They are simple to do.
If your thinking of remortgaging and need help then find a whole of market fee free broker and don't pay these jokers more money0 -
Unless you have the guarantee in writing that they will offer you a fee free service for the rest of the life of the mortgage then I can't see you having much luck.
I would echo dwsjarcmd's advice and say seek another broker who is not looking at charging that kind of money.0 -
might be worth naming the company as an aside, just to warn others.
£2000 fee is outrageous anyway.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 -
Yeah thats bloody ridiculous, the cowboysI am a Mortgage Adviser
You 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 -
how do you know they were cowboys they might have been indiansMortgageMamma wrote: »Yeah thats bloody ridiculous, the cowboysWho I am is not important. What I do is.0 -
Any company that offers lifetime servicing but only gets one upfront payment should be avoided. That business model is not sustainable and they are unlikely to be there long term.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Very funny. not.absolutebounder wrote: »how do you know they were cowboys they might have been indiansI am a Mortgage Adviser
You 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 -
The company was Carrington Carr, now AWD Home Finance. Can anyone recommend a company that I should go to for better advice?0
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