Hi, I am in the middle of arranging a complicated buy to let mortgage and have finally found a broker who seems to have a willing lender. The only issue is that he wants a total of £2500 broker fee. £750 has to be paid upfront in order to even find out how much the lender is willing to lend, at what rate etc, i.e. the heads of terms (?). And the remaining has to be paid upon offer, not completion of the mortgage.
I am wondering if this is reasonable. Other brokers I have spoken to have immediately given me a rough quote from the lender, which states the amount they're willing to lend, fees, interest rate and terms. My understanding is that they only charge the broker fee should I choose to put in an application or if the mortgage completes.
Can anyone help please? He's the only broker left who seems to be able to get me a mortgage but I'm afraid I might be wasting my money. Thanks very much!
I am wondering if this is reasonable. Other brokers I have spoken to have immediately given me a rough quote from the lender, which states the amount they're willing to lend, fees, interest rate and terms. My understanding is that they only charge the broker fee should I choose to put in an application or if the mortgage completes.
Can anyone help please? He's the only broker left who seems to be able to get me a mortgage but I'm afraid I might be wasting my money. Thanks very much!