I’ve been stupid

housebuyer143

What is broker Bs fee? It might be worth continuing with broker A seeing as you have to pay them now.

dondontheone

Broker B’s fee is 995 added to loan. 

The difference between products is a lot though which is why I don’t want to go with broker A.

broker A is 660 pm
broker B is 525

rates are different too, £26k extra interest over the loan period with broker A

gjs6385

You’d be much better picking up the phone and explaining your position.  You could then ask to pay their fee in monthly instalments or some sort of payment plan which I think they would be more amenable to if you’re just honest with them.  I think you will also feel a weight off by having that conversation.

JMA74

If broker B's fee doesn't have any terms about it being chargeable even if it doesn't proceed then just apologise and tell Broker A to apply for the same deal you got through Broker B

Also,  no idea what you mean about brokers sending out deeds for signing.... We don't do that 

Also a bit unusual (but not impossible) for broker fees to be added to a loan

dondontheone

Would broker A be able to access the deal broker B has? If so why didn’t she do that initially? 

the deeds were sent out by someone in the same company as the broker, I thought this was normal? Broker B’s deeds are coming from a solicitor but A’s definitely came from someone else at the company 

housebuyer143

dondontheone said:

Would broker A be able to access the deal broker B has? If so why didn’t she do that initially? 

the deeds were sent out by someone in the same company as the broker, I thought this was normal? Broker B’s deeds are coming from a solicitor but A’s definitely came from someone else at the company 

The deeds normally go to a solicitor, not the brokers and it's very strange for a fee to be added to the loan for a broker. 
I would give broker A a call and ask them for that deal provided by broker B. Is broker A a whole of market one or only does specific lenders? They should inform you of this in the paperwork before you start.

ACG

dondontheone said:

Broker B’s fee is 995 added to loan. 

The difference between products is a lot though which is why I don’t want to go with broker A.

broker A is 660 pm
broker B is 525

rates are different too, £26k extra interest over the loan period with broker A

Presumably the £26k is over the life of the mortgage - ie the next 20 years or so? Thats not really relevant for most people as you would normally switch lenders/products throughout that period.

In this case, broker a is (£660-£525) £135 pm x 24 (£3,240) or 60 (£8,100) months more expensive. 

Also if you have added the fee, then that will be accounting for a little bit of that difference also. 

Speak to the firm. 

pinkprincess24

It sounds like you have anxiety and I hope the brokers are taking this into account.

You’d be better off with the second deal as this is over 8k cheaper in the fixed period. The first deal is quite harsh unless you have very adverse credit?

brokers are human too and I’d be very surprised if they didn’t waive their fee considering your obvious upset, but it is up to their discretion entirely as they have done the work required. 

Is there the option of broker A sourcing a new product?

FYI i had three mortgage offers due to a break in the chain. This wasn’t my fault and nobody charged fees. Two of those offers were with the same broker though. Not sure if that made a difference.