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Commission
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Nadandsim
Posts: 1 Newbie
I thought Martin said sometime ago that when a mortgage company takes over another mortgage company they get commission, which we should get back. Is that true?
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No truth in that whatsoever.Nadandsim said:I thought Martin said sometime ago that when a mortgage company takes over another mortgage company they get commission, which we should get back. Is that true?
Think about it for a moment. Company A buys company B. So, company A now owns the assets and liabilities of company B. It would not pay itself for its own mortgage. It would just be like you passing a £10 note from your left hand to your right hand.
Also, lenders do not receive a commission on their mortgage book. They pay a commission to a mortgage broker, if one was involved in a purchase or remortgage but the lender gets nothing apart from the interest and any fees payable.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.1
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