Mike is this right?

[blokes]

Mike I have been reading you messages on this site and I liked that you free advice is best. My ip says I have to get a remortgage for an amount of £185000, I looked at your information on the form you asked me to visit and I worked out I would be have to pay you £3,700 to do this for me. and give you £195 upfront that is not refundable, is this right or am i working the sums out badly?

[mikebdomain]

Hi blokes and welcome to the forum,

All advice is free, once an application for a mortgage product is made our fee structure is flexible, but, you are right, for a mortgage of £185,000 the fee is usually charged at 2% £3,700 (added to the loan). For people in an IVA looking for F&F we usually reduced the fee to 1.5% of the advance.

The application fee is to cover valuation and references and the non refundable section in our IDD is to overcome 'holding client money' where if we state that the application fee is refundable were are deemed as holding client money (which we do not do). We always return ‘unspent’ application fees where the application fails due to no fault of the applicant. Once again, we do not charge applicants in an IVA looking for a F&F an application fee.

All applicants are treated as individuals with unique situations, and each case is charged (up to our maximums) according to the amount of work that has to be undertaken. We advise, underwrite and package all mortgage products in house.

Sorry to the site owners or anybody else who thinks this post is me touting for business, please let me assure you I am not.

I am obliged under FSA regulation to be clear, fair and not misleading about all aspects of mortgage advice and fees, and therefore once asked I must answer.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[blokes]

thanks for that Mike

[mikebdomain]

Hi again blokes - just to keep you up to date...

Have another look at our IDD

We are now whole of market and have reduced our fees to 1.5% across the board with no minimum fees.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf