brokers Charges

Dawnlilah

HI I am wondering if anyone knows if this is legal (it feels really wrong)
we recently remortgaged an commercial building through a broker and agreed his fee. on completion it was reveled to us that he used a broker to secure the mortgage (this was not reveled to us until we ere almost complete.) we are now paying both brokers the same fee which feel like we are getting charged twice £18000.00 to be exact . Surely our original broker should have informed us that there would be an additional charge ???
he said in order to get the mortgage he had to deal with this banks broker is this usual practice or is there anything I can do?

any help would be really appreciated

David_White

All fees should be agreed upfront so that you can make an informed decision about whether to proceed or not.

Check all paperwork you've received and signed and go from there.

elverson

What does your contract with the broker say?

Neutrinno

As above, it should be detailed on documentation before you decide whether to proceed. Did you receive any sort of mortgage illustration?

Paully232000

Dawnlilah wrote: »

HI I am wondering if anyone knows if this is legal (it feels really wrong)
we recently remortgaged an commercial building through a broker and agreed his fee. on completion it was reveled to us that he used a broker to secure the mortgage (this was not reveled to us until we ere almost complete.) we are now paying both brokers the same fee which feel like we are getting charged twice £18000.00 to be exact . Surely our original broker should have informed us that there would be an additional charge ???
he said in order to get the mortgage he had to deal with this banks broker is this usual practice or is there anything I can do?

any help would be really appreciated

How much are you being charged??

dunstonh

Can only repeat. Fees should be agreed in advance and an agreement signed.

Are you sure it is a second broker fee and not a lender fee? What does it say in the breakdown of charges?