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Mortgage Broker Fee

  • 17-03-2015 12:57pm
    #1
    yupyaboyo
    Registered Users, Registered Users 2 Posts: 10 ✭


    Hi All,

    Quick question!

    Recently got an offer through work from a mortgage broker offering a rebate of fees and a shopping voucher if certain conditions were met when making a mortgage application. However, I never read the small print of a broker fee being paid and then refunded once the mortgage is drawn down. The application is still being processed and I'm not getting advice on the mortgage, so can I withdraw without incurring a charge? Broker has basically sent my details to one bank, and the fee is 500e but the it hasnt been approved in principal yet.

    Any advice is appreciated?

    Y
    Tagged:


Comments

  • #2
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    yupyaboyo wrote: »
    Hi All,

    Quick question!

    Recently got an offer through work from a mortgage broker offering a rebate of fees and a shopping voucher if certain conditions were met when making a mortgage application. However, I never read the small print of a broker fee being paid and then refunded once the mortgage is drawn down. The application is still being processed and I'm not getting advice on the mortgage, so can I withdraw without incurring a charge? Broker has basically sent my details to one bank, and the fee is 500e but the it hasnt been approved in principal yet.

    Any advice is appreciated?

    Y

    Sending your details to a bank is the service you agreed to pay the broker to do. When he gets the offers back, he discusses this with you. If there was "small print" then you were in reciept of the T&Cs prior to application being sent so you owe the broker his fee. It would have been naive of you to think he was doing it for free, he offered a "rebate" of fee, that means you pay first and then get it back later. I think if you didn't read/understand the small print, a broker is essential for you, otherwise you may sign a mortgage without having a clue about what it means.


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