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  • Mortgages & Finance

    Precise - should I be charged 2 broker fees?

    I just wanted to sense check something that’s been bothering me since I received my offer last week for my Precise bridge to let lending. 

    How it works is that they essentially provide bridging finance to purchase a property in need of a refurb and once works are completed satisfactorily they return and do another valuation for the refinance and rebroke onto a standard buy to let loan.

    My query is that on the offer I can see what appears to be a broker fee for the bridge and also a fee for the refinance. It’s one product with Precise so I would be astonished if my broker wanted another fee but I wanted to know if this was common practice?

    I’ve emailed my broker and await their response but would like to be prepared. The product was sold to me on the benefit of not having to pay for two valuations but there was no mention of two separate fees. I may well have misinterpreted the offer but any thoughts would be much appreciated.
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    Hello Paul,

    I'll give my view on it.

    Bridge to Let is one application but comprises of 2 products (Bridge and BTL Mortgage).

    When the BTL Mortgage is taken up, the bridging redemption fee is refunded

    The valuation fee covers the initial valuation and then the re-inspection once the works are complete.

    There are 2 broker commissions paid by Precise (one for the Bridge and one for the BTL Mortgage)

    If I were arranging it, then I'd probably be charging one broker fee



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    You can contact me via Direct Message, or 07788 219647 or call the team on 01206 654444 for personalised quote and advice


    Thanks John, I fear that they will use the fact that I signed their terms of business as grounds to charge me twice. On their TOB it says a fee of £600 will be charged at offer stage. It does seem very questionable and that’s putting it politely. Not sure if I have a leg to stand on in terms of appeal but given that they promoted the fact that a further val fee wouldn’t be required and positioned it as a better cost saving it does leave a bitter taste in the mouth when I’m hit with another fee for simply letting the product Take its natural course. Seems unfair and reading your take on it I think other mortgage brokers would side with me on that. I may now seriously reconsider the refinance option and try to find a broker who would take it on without a fee.
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    I completely agree with John above.

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    Financial Consultant working with Property Tribes Financial Services.

    Always cover your debts, don't leave them for your loved ones to pick up. Ask me how - austyn@ptfs.co.uk

    Thanks, my understanding with Precise is that I don’t have to remortgage with them once the refurb has been carried out so I wonder if any mortgage brokers (who don’t charge clients a fee) would entertain the remortgage to another lender and what pitfalls there might be in doing that?
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