| How we are paid.
Mortgages
You do not pay us a fee, we will be
paid a commission by the mortgage provider on completion of
the loan. The amount of this payment shall be disclosed to
you at the outset. The commission we earn is not paid by you
in any way, and it does not affect the rate that you receive,
and it is not added to your mortgage. It is basically a low
cost way of the lender ensuring that they can attract new
customers without relying on them walking through their doors.
We do not like to charge you a fee if
we do not have to, because we are receiving payments from
the above sources for arranging your new mortgage. However,
we may charge a fee where it is a particularly tricky to find
a mortgage for you, for example, you may have a very poor
credit history or you may have difficulty proving your income,
also with some buy to let and commercial mortgages. If a fee
applies to you we will make you fully aware from the outset.
The maximum fee will be 1% of the mortgage. It is our opinion
that the fee should be charged on the amount of work involved
rather than the size of the mortgage.
Lastly you could choose to pay us a
fee of 1% of the mortgage upfront, and any commission
we receive from the lender will be refunded to you. Any fees
paid upfront will not be refundable, even if the mortgage
does not progress to completion.
Your home may be repossessed
if you do not keep up repayments on your mortgage.
Protection
We are paid commission by the protection
company for any protection we arrange for you. This amount
can be clawed back from us by the protection company if you
do not keep up the premium payments for a between 24 and 48
months depending on the companies rules.
Please do not hesitate to ask if you
are unsure of what fees you will need to pay as we try to
keep our fee structure as straight forward and simple as possible.
The FSA does not regulate Commercial
Mortgages or some forms of Buy to Let Mortgages. |
