We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage broker fees - when?
proformance
Posts: 358 Forumite
Hi guys,
Our broker had found us two deals for our upcoming mortgage ptoduct switch (remortgage), both of which we've received AIPs for.
The broker is requesting their fee for their service but is adamant that they'll keep looking for a better product right up until the mortgage switch. Given they won't really have any incentive to find us a better deal once we've paid their fee and they would have washed their hands with is, I wonder if it's normal to pay upon successful application, or upon successful completion?
Our broker had found us two deals for our upcoming mortgage ptoduct switch (remortgage), both of which we've received AIPs for.
The broker is requesting their fee for their service but is adamant that they'll keep looking for a better product right up until the mortgage switch. Given they won't really have any incentive to find us a better deal once we've paid their fee and they would have washed their hands with is, I wonder if it's normal to pay upon successful application, or upon successful completion?
0
Comments
-
We charge on offer. Some charge on application and some on completion.
But if the broker has told you they will keep looking for better deals up until the switch that is what they need to do. If they dont, they would be on the hook for covering the difference.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
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards