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Mortgage Broker?
*Louise*
Posts: 9,197 Forumite
We have an offer accepted on a property and are using a broker who was recommended by a realitive and was apparently 'really good' - so I left OH to deal with that side of things.
However, they don't seem to be very efficient, and I'm not too happy with their service....
They have processed our mortgage application but it took us 2 weeks after we initially saw them before they could tell us what the interest rate was going to be - (first company turned it down because the house isn't a standard build...second company has offered us 2 years fixed at 6.3% or 3 years fixed at 6.5%). OH did try phoning a few times but kept getting told they will get back to him.:rolleyes:
We also went with a surveyor they recommended - they have our copy of the surveyors report and after 2 weeks we still haven't seen that either.
What I want to know is - they are charging us £200 (reduced from £400) - if we dump them and find a new mortgage broker, do we still have to pay their fee as they have technically still got us a mortgage?
However, they don't seem to be very efficient, and I'm not too happy with their service....
They have processed our mortgage application but it took us 2 weeks after we initially saw them before they could tell us what the interest rate was going to be - (first company turned it down because the house isn't a standard build...second company has offered us 2 years fixed at 6.3% or 3 years fixed at 6.5%). OH did try phoning a few times but kept getting told they will get back to him.:rolleyes:
We also went with a surveyor they recommended - they have our copy of the surveyors report and after 2 weeks we still haven't seen that either.
What I want to know is - they are charging us £200 (reduced from £400) - if we dump them and find a new mortgage broker, do we still have to pay their fee as they have technically still got us a mortgage?
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What I want to know is - they are charging us £200 (reduced from £400) - if we dump them and find a new mortgage broker, do we still have to pay their fee as they have technically still got us a mortgage?
Almost certainly you will. Fee based advisers involve you entering into an agreement and if you wish to break that agreement then there is almost certainly going to be a minimum payment you need to make.
Before you pull out from this broker, ask them what the problem is and why things are taking so long. There could be genuine reasons (such as non standard build and/or stuggling to find a lender).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 -
Thanks
I know they had to go to a second lender, but that was sorted a week ago - it's the fact they never bother returning phone calls when they say they will or do stuff on time.
I don't mind paying if they are going to communicate.Cross Stitch Cafe member No. 32012 170-194 2013 195-207.Hello Kitty ballerina 208.AVA 209.OLIVIA 210.ELLA 211.CARLA 212.LOUISE 213.CHARLEY 214.Mother & Child 215.Stop Faffing Completed 2014 216.Stitchers Sampler. 217.Let Them Be Small 218.Keep Calm 219. Ups and downs 220. Annniversary piece 221. 2x Teachers gifts 222. Peacock 223. Tooth Fairy 224. Beth Birth pic 225. Circe the Sorceress Cards x 240 -
It will detail how their fees are charged on their Initial Disclosure Document, so whether they are payable in the event you pull outI 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
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