help just signed now not sure

alsions

Please help we have just had an indipendent mortgage advisor in our home from equity house mortgage advice center and we have just signed up. We are now having second thoughts . Its a fixed rate mortgage with the leeds building society for 2 years at 6.29% and variable rate after that. amount of loan £66,859.00 plus £850.00 for fees and broker fee of £2,295.00 payable on completion. and a discharge fee of £199. Total amount to be repayed £131,530.35 is this a good deal and if not can we still cancel considering we have just signed please help

gemma.zhang

broker fee of £2,295.00 payable on completion?
What does it mean - mean you pay that amount to your broker ?, or it's simply arrangement fee ?

alsions

it just say's its a broker fee payable on completetion and is included in the mortgage amount listed as other fee

dunstonh

£2295 is a massive broker fee considering many do not charge a penny.

Even those that charge are mostly round the £100-£500 mark. This mortgage adviser is taking the pee.

alsions

can we cancel even though we have just signed we have not supplied any proofs of address or id yet

dunstonh

Yes you can cancel. Do it first thing in the morning so nothing gets posted off.

Most mortgage advisers will do you a good job and will rely on the commission from the lender or charge a small fee. Dont let this one put you off.

toonfish

too pricey on the fees - you could get a better rate too IMO

Kiernan809

This looks like a sub prime broker giving you a poor prime mortgage.

Independant just means they charge a fee. Are they whole of market?

herbiesjp

Whoa - definitely pull the plug on this, both verbally and in writing, this morning.

If you can find yourself a good whole of market adviser, you can find either a fee free adviser option or one that will definitely charge way less than the figures quoted.