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Help me understand how mortgage brokers work

5 replies

Navigationcentral · 25/03/2021 07:00

We are currently trying to move house because of the pandemic and work from home and the arrival of a new second baby has made our house really cramped and we are looking to slightly upsized within a tight budget and move within a very expensive part of the south-east to a slightly bigger house. But it appears that our mortgage broker who has been with us for the last couple of months and who gave us a new rate last year in which we are locked for the next two years really isn’t keen on helping us move this time. The mortgage itself is portable and if we stay with the same lender we wouldn’t need to pay an early repayment fee so we are actually quite keen to take advantage of the stamp duty holiday and even if not completing by June still make an attempt to move by porting the mortgage but it appears that the broker is really discouraging in various ways and we wondered whether she loses commission or is penalised in any way if a client prick so two-year fixed-rate mortgage term and tries to move the weather to the same lender Roger a different lender because we are trying to unpick why she’s quite so inexplicably discouraging discouraging ... And we can’t really make sense of it

OP posts:
Navigationcentral · 25/03/2021 07:01

Fat fingers! Sorry for typos as small humans begging for milk and school shoes etc. Hope you get the gist !

OP posts:
Digestive28 · 25/03/2021 07:03

If the mortgage is portable I imagine they won’t have much to do, so won’t be making much money out of it?

teatreesteatowel · 25/03/2021 07:06

As above. If it's portable you just call your lender direct.

Navigationcentral · 25/03/2021 08:55

Ah I see. I wonder why they don’t say this outright to me and why the significantly long emails and calls actively discouraging us from looking at all....

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CeibaTree · 25/03/2021 23:01

This sounds a bit odd - why would she be actively discouraging you rather than a quick a polite 'talk directly to the lender'? Did she cut some corners in some way with your original application and doesn't want to be found out?

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