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Switching Mortgage Provider - 'Brokerage Costs'

  • 26-07-2006 12:15pm
    #1
    interested
    Registered Users, Registered Users 2 Posts: 1,957 ✭✭✭


    Am planning to switch provider in the very near future. We've been through the very brief 'Can you match ...' phase and we're sure we're walking away. The new mortgage provider covers the legal costs associated with a switch but my question is can my current provider impose what have been described as 'Brokerage Costs' on us ?

    We're going from a fixed term to variable rate in a couple of weeks. The plan is to instigate the switch following this transition.
    We've been with PTSB and are planning to switch to Ulster Bank.

    Has anyone experienced such costs ?
    Thanks


Comments

  • #2
    Hel_n
    Closed Accounts Posts: 1 ✭Hel_n


    Did you apply directly to the PTSB for your original mortgage or did you go through a broker? If you went direct to the PTSB they can't penalise you if you are in a variable rate.

    If you went through a broker they may work on the basis that any commission clawed back by the lender must be repaid by the borrower.


  • #3
    interested
    Registered Users, Registered Users 2 Posts: 1,957 ✭✭✭interested


    thanks for that - we went through a broker originally - which we really regret since the guy cost us about 10 days worth of late penalties because he didnt submit our life insurance application forms until the morning we were due to sign. I understand that would be an obvious tact for PTSB but is it legal ... or to be more blunt how can they get away with that ... ? I mean if you get a job through an agency, the company you join pay commission to the agency - but they dont deduct money from your wages when you hand in your notice ???


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