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remortgage via no fee broker
prudential
Posts: 17 Forumite
My broker has just submitted a full remortgage application to Barclays for a 5-yr product with a £999 fee. I hope everything is alright and I get the amount I need (for renovation) at the rate I want.
I do have a question though. What if I don't get the amount I need and the offer comes back lower, or for whatever other reason I change my mind and decide not to go for it? In that case I might want to stick with my current lender and just do a product switch (instead of remortgaging). The broker is no fee (they get paid by the Barclays). Am I liable for the £999 product fee or for any fees to the broker? I assume not, if I don't sign the mortgage offer?
PS. I know I can ask the broker but I cannot wait the entire weekend... please let me know.
I do have a question though. What if I don't get the amount I need and the offer comes back lower, or for whatever other reason I change my mind and decide not to go for it? In that case I might want to stick with my current lender and just do a product switch (instead of remortgaging). The broker is no fee (they get paid by the Barclays). Am I liable for the £999 product fee or for any fees to the broker? I assume not, if I don't sign the mortgage offer?
PS. I know I can ask the broker but I cannot wait the entire weekend... please let me know.
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Comments
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How are paying the product fee? On application or being added to the mortgage balance.0
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Added to the mortgage.0
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You do not have to accept any offer provided by the lender.
No completion means no product fee.
The no fee Broker has decided to operate without a guarantee of revenue. It is a matter for them if their time is not covered.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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