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Mortgage broker question

  • 13-01-2010 8:17am
    #1
    drafter
    Registered Users, Registered Users 2 Posts: 31 ✭


    I got a mortgage out with permanent tsb via a broker in 2007. i was told recently by the same broker if i sold my house within a 5 year period permanent tsb can get back their fees they paid the broker in turn the broker can then pass on their fees charges on to me.
    question is has anyone who had a loan on a house and sold it within 5 years had the broker charged them these fees?


Comments

  • #2
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    I know that some lenders do clawback commission paid to brokers if the mortgage is paid back within 5 years - but unless the broker put it in writing to you that you would be liable to pay a penalty to him - I would not pay him anything. Tell him to take you to court - he won't have chance.


  • #3
    Drumpot
    Registered Users, Registered Users 2 Posts: 19,306 ✭✭✭✭Drumpot


    I don't imagine that the broker can do anything if you move your mortgage . . .

    I will stand corrected but if the broker works off commission from Mortgage Lenders, then they cant just turn around and charge you because you decide to move mortgages . . They should clarify from the start the fee involved in setting up the Mortgage . .

    If you are talking to them again about this I would mention the Financial ombudsman and see how they react . .


  • #4
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    The broker can only apply a fee if it stated this in his Terms of Business Letter that should have been issued to you at the point of sale, you can ask him for a copy as it has to be retained on his file. The broker is responsible for explaining this to you. It is true that the broker has to pay back the commission, i'm not sure about 5yrs, i thought it was only 3 with PTSB.


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