Please advice , first time Bayer, need advice with Mortgage Advisor

Mikepao

Hi all and sorry for my spelling, i have some issue with my Mortgage advisor ,recently I got new house , my advisor charging me £500 for service and I'm tottaly happy with that ,but now in invoice wher he never told me he geting extra commission from my bank ( tsb) with he never told me about it , i was promised get £500 cashback and he said its only £250 for me ,so my questions its its that legal ,they taking duble comission, from me and bank , and are they can cut my cashback and keep.it for them self? When I was on the phone he was let not happy and not nice at all I mention that to him , and cashback looking so dodgy, when i only mention that its should.be £500 not £250 he said im on wrong bank website lol ,so I asked him what webstiemhe was checking please any advice wouold be nice
Kindly regards

[Deleted User]

What does your contract say?

iquit

Do you have any of these figures in writing? When I approached a broker the first thing he laid out in writing were his fees. When he secured a mortgage he then declared the "finders fee" that the bank would be paying him.

Mikepao

They contract only mention his ,commission from bank , sonin my opionion he is a chancer ,and.when.i mention that he was rly rude.

kingstreet

Broker fee - laid out in writing for you up front. What you pay the broker and when. Should be visible on illustration/KFI/ESIS and your mortgage offer.

Broker commission - shown on every illustration/KFI/ESIS/Offer. What the lender pays the broker for finding, introducing, arranging, administering.

Client cashback - something the lender pays you on/after completion - shown on every illustration/KFI/ESIS and your mortgage offer.

Don't look at direct to lender products on the public website in case they are different to those available to brokers.

£250 cashback is more popular with TSB, IIRC.

haras_nosirrah

Look at the cashback on your mortgage offer - that is the one that is relevant to you

The cashback is released to your solicitor on completion to go towards legal fees - the broker can't get your cashback so not sure what you mean there?

If a broker charges a fee that is between you and the broker. Lenders pay a commission in addition but this isn't something you pay for.

Mikepao

On my offer in Bank i was offered £500 cashback i acctualy bean personaly and spoked with staff in Bank and they said its alweys £500 ,for first time bayer , so I was thinking he cut a shared of it ,he told me the cashback will go first on his account?? But how ??? And so its fair and legal , without not mention me he geting extra comissions from bank , and.im still thinking he get 1/2 of.my cashback ...

haras_nosirrah

looking online £500 cashback is currently for ftb over 85% ltv who are not buying shared ownership or shared equity

under 85% ltv is no cashback

shared ownership and shared equity (help to buy) is £250 cashback

This is currently avail
able - may have changed in the last weeks (the £500 may be a new incentive)

The cashback is released to the solicitor with your mortgage funds - there is no way of your mortgage advisor getting this

haras_nosirrah

Receive £500 cashback as a thank you for being a first time buyer
If you’re thinking of buying your first home and could do with some extra money for new furnishings or decorating, we have a variety of mortgages available that could be right for you.

*Cashback paid upon completion via conveyancer on mortgages over 85% LTV. Offer can be withdrawn at any time.