Broker fees

Camereye_2

Hello,

Looking for some advice. I am getting a mortgage and was told due to credit history it was going to be expensive around £5000. The mortgage has came in minus over £5000 in fees etc including fees to broker.

To my shock the broker is now demanding a further £7000 !!! If not paid within 7 days apparantly fees go to £10000 !!!

This surely cannot be right after he has been paid out of the loan and was not cheap either.

Any advice would be appreciated

Thanks

ACG

A £5000 broker fee?!? That can not be right.
I do adverse mortgages and my fees are about 1/5th of that!

We need a bit more information, on your mortgage offer there is a section related to fees, what are those fees and how much are they? (list them individually).

Who is the lender? Together?

Torfoxwell

About £1000.00 and my history is adverse ( worth every penny mind) but £5000.00 seems way off ....

ashp_2

That's crazy, Must be a mistake or have stamp duty included or something. A broker fee is normally around £500- £1000. I paid about £600.

When I first started looking I went to onlinemortgageadvisor.co.uk. They put me with a broker that wanted £3500k fees. Can't believe these companies get away with charging extortionate fees like that.

dalehitchy

My mortgage broker cost me £195. Something must have gone wrong your end.

Edit: other people here saying the average is about £500??!! I'm hopefully about to exchange next week. My broker seems to be way cheaper than the ones being described. Are other people's brokers doing more work .... Or is it based on location.

Torfoxwell

that must be inclusive of stamp duty etc...have you signed anything as yet ? if not then don't go paying that , try the finance advice center - they are miracle workers , obviously if its adverse the fees are going to be a bit higher as they have to put in more leg work ...but that is excessive , have they done a broke down on what that is for ? ie is it made up of valuation fees etc

Sahmed660

I paid £150 for mine. Feel I got a great deal now! hah

ACG

Fees vary from broker to broker and case to case. Last year my lowest fee was £0 and highest was £1250. Clearly there is a massive difference but there was a massive difference in the work load for the cheapest to the most expensive.

But in no world is £5k remotely reasonable. I am surprised brokers can still charge those sort of fees to be honest. I think there is a mistake somewhere, but without the answers to the questions I posted above it is impossible to say.

ashp_2

I think it also depends on the level of service you get in many cases.

Our broker has been great we are nearly 3 months in to our purchase and she is emailing us updates every week, liasing with estate agents and solicitors for us which is great and just what I wanted. I am very busy and don't have time to deal with all this so was more than happy to hand over £600!

In any case 5k is a major rip off!!

Neutrinno

As ACG has said can you list the breakdown of fees due on the mortgage illustration you would of been provided with.