Melanie - the apparent conflict of interest also concerns me somewhat…
Nickelchao
I would defiantly contact the mortgage company, and reduce the amount you are borrowing. Also check the fees and commission on your KFI. If there is an introducer fee being paid to your IP I would insist that this is not paid, as it would seem to me that your IP should have advised you that this may have been an issue that should have been discussed with Barclays, prior to taking out the IVA.
You can talk to ANY mortgage broker about your remortgage I would personaly recommend any of us that post on this forum e.g.
Tony Parsons of All Mortgage Products (Welshboy)
Andrew Graveson of BrightOak
And of course myself – Mike Burridge of Leybridge (Mikebdomain)
You say that you remortgage has been agreed – is that an Agreement in Principle or have you been issued with a mortgage offer?
If it is an Agreement in Principle (AIP), this can be obtained within 15 to 30 minutes by any broker and I would recommend that you talk to another Mortgage Broker and arrange this ASAP.
If it is an offer, you will have received from the broker; an initial disclosure document (IDD), a Key Facts Illustration (KFI) and hopefully a suitability letter which should explain why a particular product was chosen for you (although this document is not a legal requirement) you will also have received the Offer document from the lender which should match the details in the KFI. Then you just need to get a new offer issued from the lender for the lesser amount required to cover your mortgage with Barclays and fees and charges, there may be a fee for issuing a new offer.
If you just have an AIP, things will not be slowed down by going to another broker – all advice from brokers is free and you will not be charged until you actually make an application for a mortgage product.
If however, you have a offer – it is probably better to stay where you are and just arrange the changes on the offer as required.
But, please do ensure you check the fees and commissions on the KFI, and who they are being paid too, and what for…
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