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Commission
shinytop
Posts: 2,201 Forumite
Hi, my son has seen a mortgage broker. He's a FTB, nothing unusual. One of the deals is with Barclays for a 2 year fix - is this likely to be the same deal to be had by going direct? Broker says she doesn't charge direct but gets commission from lender. Does this sound right? Nothing wrong with the broker, just wondering. It's been a long time since I took out a mortgage.
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Comments
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Broker gets commission but this does not cost you (or your son) anything.
Many brokers (us included) charge a fee on top of the commission now a days.I 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 -
Broker says she doesn't charge direct but gets commission from lender. Does this sound right?
Its been that way for the last 40 years or so.
Lenders pay the brokers as they are not having to pay their own staff.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 for the replies0
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