Contractor mortgages - reapply fee

[tpsman]

I'm looking to apply for a mortgage and have been recommended a mortgage broker. One thing that has got me wary is the fee. Apparently the broker fee is due at the point of applying for the mortgage, and if it fails (e.g. house sale doesn't go through), the fee isn't refundable.

Is this typical for mortgage broker fees?

[Andy O]

Yes. You can't expect them to work for free.

[tpsman]

I'm looking to apply for a mortgage and have been recommended a mortgage broker. One thing that has got me wary is the fee. Apparently the broker fee is due at the point of applying for the mortgage, and if it fails (e.g. house sale doesn't go through), the fee isn't refundable.

Is this typical for mortgage broker fees?

One of the brokers I saw will reapply without charging a second fee, so I was wondering which was more typical.

[jmo21]

Not with the broker I went through, and I assumed it would be same for all.

Fee payable only on drawing down the mortgage (is that the right phrase?)

[tpsman]

Not with the broker I went through, and I assumed it would be same for all.

Fee payable only on drawing down the mortgage (is that the right phrase?)

Which broker did you use?

Basically, I'm looking for a "pushy" broker, who will keep things moving forward (including lazy old me).

[northernladuk]

I've used freelancer financials. I wouldn't use the term pushy but they did everything when it could be done. I've used them three times and I've just started another.

[BolshieBastard]

Yes. You can't expect them to work for free.

The OP does!

[tpsman]

The OP does!

I don't expect them to work for free, but I think it would be unfair to charge the same fee each time you apply for a mortgage, when in all likelihood, they've just got to reinput the same information in a few forms.

[jmo21]

Which broker did you use?

Basically, I'm looking for a "pushy" broker, who will keep things moving forward (including lazy old me).

Power Mortgages

[Mark McBurney@CMME]

I don't expect them to work for free, but I think it would be unfair to charge the same fee each time you apply for a mortgage, when in all likelihood, they've just got to reinput the same information in a few forms.

I would double check with the broker; there would only be certain situations in which you would have to pay another fee, I would think.

We charge a fee at application but if there is a problem with the application and we need to look for an alternate lender, we would not ordinarily charge again for this.