Can I claim back mortgage broker fees?

Alexia123400 · 15 March 2017 at 5:00PM

We applied for a mortgage last week which got declined, despite having a mortgage in principle!
Are we able to claim back the £500 mortgage broker fees we paid? We are still within 14 days, am I right in thinking there is a 14 day cooling off period.

[Deleted User] · 15 March 2017 at 5:04PM

What were the terms of the payment? Is the fee refundable if the mortgage is declined?

Alexia123400 · 15 March 2017 at 5:08PM

Hi
Thanks for replying, I'm not sure to be honest. As we had the mortgage in principle the option of what would happen if the mortgage was refused was never discussed.

[Deleted User] · 15 March 2017 at 5:10PM

The answer will be in the terms and conditions. It will state whether it's refundable or not.

Alexia123400 · 15 March 2017 at 5:20PM

Thanks
So even if it's within 14 days this still applies.
There's no cooling off period?
Is this a legal obligation or not?

[Deleted User] · 15 March 2017 at 5:25PM

You've used the product. It would be a little late to decide you don't want it.

dunstonh · 15 March 2017 at 5:31PM

Advice fees are not a product charge. You are paying for advice. You received the advice. So, nothing to refund.

Some mortgage brokers will refund part of the fee if a mortgage is declined or will find an alternative lender at no additional cost. However, unless their contract says they will refund any money then they do not need to.

Alexia123400 · 15 March 2017 at 5:32PM

Ok. That makes sense
Thanks for clearing that up.
I felt like he was using delay tactics to take me over the 14 days which will be this Monday 20th.
Now I know this is not the case I can relax and see what else he suggests.
Thanks again

Can I claim back mortgage broker fees?

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