Singing Pig

Yes, AFAIK = As Far As I Know. :)

 I was thinking of Section 155 of CCA (Consumer Credit Act) 1974 which limits a broker's fee to £5.00 for unsuccessful loans/mortgages. I don't think it has been repealed?

Interesting info George.  I wonder if you can get my £2,000 back for me, that TMC forced me to pay when I had to abort a remortgage... I had a whole trail of threatening letters from them.

My advice... don't use TMC unless you are prepared to accept that you will have to pay their FULL fees even if you abort.

Jairaj has offered his services on this forum... we use him regularly.  Great guy, worth his fees (managed to negotiate a nice concession for us on one mortgage).

Alan

Zen Master:

AFAIK, the maximum broker fee is still £5.00 if a mortgage offer is not taken up, let alone no offer at all.

Hi

I am mortgage Broker and I do not charge broker fees.

 To clarify Buy to Let mortgages are normally unregulated by FSA, and also does not fall into the CCA, was supposed to from April 2008 but they left the btl mortgages out, as now all secured and unsecured loans of any amount fall into CCA.

 Someone mention IDD (initial Disclosure Document) as Buy to Let is not normally regulated by FSA this is not need and if IDD is provided cannot be same in the same format for obvious reasons.

Taking a fee if the mortgage is not taken I feel is unfair, they are free to charge an advice fee but 1% is too much.

Many thanks

Goncalo
 

Start Point:

Hi

 

I am mortgage Broker and I do not charge broker fees.

 To clarify Buy to Let mortgages are normally unregulated by FSA, and also does not fall into the CCA, was supposed to from April 2008 but they left the btl mortgages out, as now all secured and unsecured loans of any amount fall into CCA.

 Someone mention IDD (initial Disclosure Document) as Buy to Let is not normally regulated by FSA this is not need and if IDD is provided cannot be same in the same format for obvious reasons.

Taking a fee if the mortgage is not taken I feel is unfair, they are free to charge an advice fee but 1% is too much.

 

Many thanks

Goncalo
 

 

Yes, BTL might be exempt as "commercial" mortgage.

For those who feel aggrieved at any excessive fees, it might be worthwhile checking the position with local Trading Standards?

Zen Master:

Start Point:

Hi

 

I am mortgage Broker and I do not charge broker fees.

 To clarify Buy to Let mortgages are normally unregulated by FSA, and also does not fall into the CCA, was supposed to from April 2008 but they left the btl mortgages out, as now all secured and unsecured loans of any amount fall into CCA.

 Someone mention IDD (initial Disclosure Document) as Buy to Let is not normally regulated by FSA this is not need and if IDD is provided cannot be same in the same format for obvious reasons.

Taking a fee if the mortgage is not taken I feel is unfair, they are free to charge an advice fee but 1% is too much.

 

Many thanks

Goncalo
 

 

 

Yes, BTL might be exempt as "commercial" mortgage.

 

For those who feel aggrieved at any excessive fees, it might be worthwhile checking the position with local Trading Standards?

 

I agree with George. The best is to speak with Trading Standards. 

Hi George (Zen Master) and Goncalo (Start Point).

Thanks for the suggestion.  However I tend to work on the basis of "what goes around comes around"...

TMC will not get any more of my business (10+ mortgages per month), they will not get any referrals from me, and if someone asks me what is my experience of TMC then I have to tell it like it is.

I learn from mistakes - and move on.

Best regards,
Alan

P.S.  Goncalo, feel free to PM/email me if you have any decent exclusives (looking for good rental cover at 80%+ LTV)

Zen Master:

For those who feel aggrieved at any excessive fees, it might be worthwhile checking the position with local Trading Standards?

I had a meeting with The Money Centre a few months ago - not because I wanted a mortgage, but mainly to see how they did things.

I was horrified. They were very slick and professional, but their sales pitch positive encouraged gearing your properties as highly as you could, not only to buy more and more properties, but also to finance your own lifestyle, dressing it up as 'free money'.

Less savvy people than me will get into serious problems at the hands of this company, believe me.
 

My experience of TMC is 1% on first mortgage and approx .075% on subsequent but charged before completion or if not completing then free on next transaction which kinda locks you into next transaction which is probably a broker discretionary thing based on what Alan has experienced above.

Not worth the money in my experience but try and sell a superior package service ie can manage the valuer in the event of a down valuation which in the cases where it arose for me resulted in no change to original valuations.

I also am inclined to agree with Wiganer's comments about gearing up to the limit ie ger as much cash out on max ltv as possible irrespective of whether this make the property loss making on a monthly basis tendency to suggest 2/3 trackers or fixes as opposed to longer term 5 yr+ products presumably so a second set of fees can be charged after 2/3 years