Mortgage broker fee

I

ivorytowers

Guest
I got my mortgage through a broker in 2008 and I am paying .5% higher than the banks own variable rate mortgage. I was recently in a meeting with the bank and they said that was just how it was and cant be changed.

When I mentioned this to my friend who works in property selling, she said this should have been for the first year only. I am in the process of trying to get a hold of the contract but just wondering if anyone else has information on this?

Thanks!
Ivorytowers
 
Some lenders have a standard variable rate (the SVR is no longer on offer, might not have been on offer in 2008?) and also a LTV variable rate. The LTV rate is higher than the SVR. Would this explain it? What mortgage provider is it?

I don't understand the "should have been for the first year only" - you sometimes get a discount in the first year, you wouldn't be penalised in the first year by a higher rate than reduces after 12 months.

[broken link removed]
 
Thanks for your reply. However the extra .5% was, as I understand, the brokers fee and that is why it should only have been applied for 1 year. I did not get my mortgage direct with with bank but used a broker.
 
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