Disputing Broker Fee and Mortgage rate.

[Apple66]

Hi all.

 

Looking for some advice please :

 

After reading a little on the reclaiming of various fee's / charges I wanted to find out more about this matter.

 

Looked into my mortgage paperwork and noticed that during the past few years the Broker has been paid over £3,000 and £4,000 for arrange a mortgage of £200,000 and that the rates are not high street rates eventhough my credit rating is very very good.

 

Can you reclaim the fee's paid to Brokers and can you dispute the interest rate that the Mortgage Company is charging ?

 

I am understanding that had a High street lender provided the mortgages the arrangement fee would be approx £400 and the monthly payment would be at least 30% less.

 

Regretting not looking into this further at the start.

 

Any info would be great - Thank you Forum.

[dx100uk]

that's sounds about right

typical 'trick' to line their pockets

 

name names please

 

dx

[Apple66]

that's sounds about right

typical 'trick' to line their pockets

 

name names please

 

dx

Dx they are a subprime lender who was fined many millions for mistreating customers.

 

Who pays back the commission ? The broker or the company that employs the broker and can you change the current interest rate on appeal ?

[dx100uk]

then name them - Kenny's I suppose?

 

not sure what you can do

but certainly there are regulators and MCOBS to use.

 

however, i'm trying to gather info on the thread

so the knowledgeable ones will help you.

 

dx

[Apple66]

Thank you for the assistance DX

[theoldrouge]

imo, in view of your good credit rating, you would have a complaint for mortgage miselling. Purely for the brokers commission, you were sold a subprime mortgage when you would have qualified for a standard high st mortgage. Write a letter of complaint to the brokers involved, and take to the fos if refused, mortgage unsuitable for your needs

[Apple66]

What sort of costs can be expected to be returned ?

 

Is it just the comission or can interest be charged ?

[dx100uk]

std court 8%

 

you have been deprived of the money

 

dx

[OLIVE.FAMILY]

HI :)Who was the broker that sold you the mortgage ?

 

X

[Apple66]

HI :)Who was the broker that sold you the mortgage ?

 

X

 

They are a large broker company based in London .

[dx100uk]

like pulling teeth this thread

 

dx

[Apple66]

like pulling teeth this thread

 

dx

 

Sorry for not naming names but I wanted to find out more info before naming the company -please Accept my apologies and thank you for taking the time to reply - it's very much appreciated.

[OLIVE.FAMILY]

Is the broker still in business ?

 

X

[Apple66]

Is the broker still in business ?

 

X

 

Yes they are still in business

[OLIVE.FAMILY]

I reckon its worth starting from the beginning. I would send the mortgage company a DSAR letter (there is a template somewhere...I will try find it later as I am.at work currently and working from my phone). Within the paperwork they send you will be all the paperwork the broker filed . You may find quite a bit in there as brokers were getting all sorts of commissions for selling bad mortgage. ..like selling a self certification mortgage when the customer could prove income...selling a sub prime mortgage gave them a higher commision rate.....adding commision fees which is sometimes unknown to the customer xand the list goes on.

 

you will have afull list of all fees applied to the account also.

 

once you have everything you need you then complain to the mortgage company for any charges and the broker for any mis selling

 

xx

[Apple66]

Thanks Olive for your help.

 

When you find the template letter please post link.

 

[OLIVE.FAMILY]

http://www.consumeractiongroup.co.uk/forum/showthread.php?387306-Full-Subject-Access-Request

 

Here you go, post this first class recorded so they have yo sign for it.

 

Xx