Changing mortgage broker after seller accepted offer?

[Deleted User]

Hi all, 

This is our first time buying a property while also selling our current one. As such we’ve gone with the estate agent’s recommended mortgage broker without doing as much due diligence as we perhaps should’ve. 

They’ve done the mortgage in principle and we used that to put in an offer for the house we’re buying. Now that we are about to submit the application we find out that they charge about £700 in fees! 

We aren’t sure why we’d pay for that when we can simply get a free mortgage broker online. Would there be an issue with us changing brokers at this stage?  No actual application has been submitted so far just the MIP sent to the seller. 

Thanks!

london21

Did you ask the broker what the fees were at the beginning.

Some brokers do not charge a fee and they get a commission from the bank. 

Think it is still early on in the process can change broker if not happy.

K_S

@[Deleted User] Assuming the DIP hasn't been done with a lender that does a hard check (Barclays, Virgin, Platform, etc.) for broker DIPs, there shouldn't be an issue with using a different broker as a full application hasn't been submitted yet.

[Deleted User] said:

Hi all, 

This is our first time buying a property while also selling our current one. As such we’ve gone with the estate agent’s recommended mortgage broker without doing as much due diligence as we perhaps should’ve. 

They’ve done the mortgage in principle and we used that to put in an offer for the house we’re buying. Now that we are about to submit the application we find out that they charge about £700 in fees! 

We aren’t sure why we’d pay for that when we can simply get a free mortgage broker online. Would there be an issue with us changing brokers at this stage?  No actual application has been submitted so far just the MIP sent to the seller. 

Thanks!

ACG

london21 said:

Did you ask the broker what the fees were at the beginning.

Some brokers do not charge a fee and they get a commission from the bank. 

Think it is still early on in the process can change broker if not happy.

Its not really for the applicant to ask about fees. The broker should be making the customers aware of their fees at the earliest opportunity. 

But to answer the OP question, yes you can switch brokers. Some brokers are fee free, but if you are looking at the large firms maybe just have a read up on them and the reviews etc. L&C get very mixed reviews on here for example, some people swear by them, others I get the impression swear AT them  .

HWBY

ACG said:

london21 said:

Did you ask the broker what the fees were at the beginning.

Some brokers do not charge a fee and they get a commission from the bank. 

Think it is still early on in the process can change broker if not happy.

Its not really for the applicant to ask about fees. The broker should be making the customers aware of their fees at the earliest opportunity. 

But to answer the OP question, yes you can switch brokers. Some brokers are fee free, but if you are looking at the large firms maybe just have a read up on them and the reviews etc. L&C get very mixed reviews on here for example, some people swear by them, others I get the impression swear AT them  .

You can check my post history for details of the absolute mess L&C have made of my application - I'll take every opportunity to tell people to avoid them I can for the rest of my days!

Polmop

L&C are a nightmare.  

silvercar

I'd be inclined to have a conversation with them. Explain that you weren't aware they were going to charge a fee and so are looking to go elsewhere. At least that gives them the opportunity to offer to arrange the mortgage for no fee, given that they have already completed the ground work.