Hi,
We have seen a mortgage broker and have an Agreement in Principle in place. We have got a rate of 3.99 but have found online a rate on 3.79 with Britania. I understand that they don't offer commission and have been told that we would have to go direct to them to use them. Below is a list of our Brokers T&Cs
1. The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.
2.Whose mortgages do we offer?
XWe offer mortgages from the whole market.
¨-We only offer mortgages from a limited number of lenders.
¨-We only offer mortgages from a single lender.
3.Which service will we provide you?
XWe will advise and make a recommendation for you after we have assessed your needs.
-You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to
proceed.
4. What will you have to pay us for this service?
-No fee, we will be paid commission from the lender.
-A fee only. We will charge you £175an hour to establish your needs, research the market and recommend the most
suitable mortgage or for you. Therefore if we spent 5 hours doing this work it would mean a total fee payable by
you of £875. However, it could be more or less than this, depending on your individual circumstances. We will
charge you for the first hours work once this has been completed i.e. £175 and request the balance be paid on
completion of your mortgage. However if your mortgage does not go through to completion these fees will still be
payable subject to the conditions disclosed below. We will refund to you any commission we receive from the
lender.
X A fee of £295 will be charged for processing the mortgage and will be payable in two instalments. Initially £100 will
be payable when we submit your application form to the lender and the balance of £195 will be payable within 14
days of the loan completing. Also, if your mortgage proceeds to completion, we will also receive any commission
payable from the lender.
You will receive a key facts illustration, which will tell you about any fees relating to a particular mortgage.
5. Refund of fees
If we charge you a fee, and your mortgage does not go ahead, you will receive:
X A full refund of your fee if the lender rejects your application as a result of our failings.
X No refund if you decide not to proceed to take out the mortgage or if we are unable to secure a mortgage for you as
the information you provide us about your personal circumstances is incorrect.
Has anybody got any advice on what we should do. We have used quite a bit of our Brokers time and feel a bit bad ditching him and going direct, but also want to get the best rate. Is it any harder going direct?
Cheers
We have seen a mortgage broker and have an Agreement in Principle in place. We have got a rate of 3.99 but have found online a rate on 3.79 with Britania. I understand that they don't offer commission and have been told that we would have to go direct to them to use them. Below is a list of our Brokers T&Cs
1. The Financial Services Authority (FSA)
The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.
2.Whose mortgages do we offer?
XWe offer mortgages from the whole market.
¨-We only offer mortgages from a limited number of lenders.
¨-We only offer mortgages from a single lender.
3.Which service will we provide you?
XWe will advise and make a recommendation for you after we have assessed your needs.
-You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to
proceed.
4. What will you have to pay us for this service?
-No fee, we will be paid commission from the lender.
-A fee only. We will charge you £175an hour to establish your needs, research the market and recommend the most
suitable mortgage or for you. Therefore if we spent 5 hours doing this work it would mean a total fee payable by
you of £875. However, it could be more or less than this, depending on your individual circumstances. We will
charge you for the first hours work once this has been completed i.e. £175 and request the balance be paid on
completion of your mortgage. However if your mortgage does not go through to completion these fees will still be
payable subject to the conditions disclosed below. We will refund to you any commission we receive from the
lender.
X A fee of £295 will be charged for processing the mortgage and will be payable in two instalments. Initially £100 will
be payable when we submit your application form to the lender and the balance of £195 will be payable within 14
days of the loan completing. Also, if your mortgage proceeds to completion, we will also receive any commission
payable from the lender.
You will receive a key facts illustration, which will tell you about any fees relating to a particular mortgage.
5. Refund of fees
If we charge you a fee, and your mortgage does not go ahead, you will receive:
X A full refund of your fee if the lender rejects your application as a result of our failings.
X No refund if you decide not to proceed to take out the mortgage or if we are unable to secure a mortgage for you as
the information you provide us about your personal circumstances is incorrect.
Has anybody got any advice on what we should do. We have used quite a bit of our Brokers time and feel a bit bad ditching him and going direct, but also want to get the best rate. Is it any harder going direct?
Cheers