Brokers commission on mortgages

bluestilton

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Can anyone advise re the following, my inquisitiveness is getting the better of me: I received a copy of my mortgage account file recently under Data Access. On the file is a letter from the bank to the broker dated 2009, stating the following: "We have been requested by the above customer to provide information that may possibly lead to the redemption of this account. If you have not already been in contact with your client this letter may provide you with the opportunity to do so. As it is in our mutual interest to retain this customer, our business retention team will also be in contact with this customer. "

We drew down the mortgages in 2006 and I rang the bank in 2009 requesting how much was owing on the accounts. I though a broker got a one off payment from the bank when selling mortgage products? I thought it a bit strange that three years later the broker would still have a monetary interest in our accounts. (At the time of application in 2006 we had requested a tracker but the contract issued as a SVR this is a separate issue we are taking up with the banks at the moment).


Thank you
 
Some banks, KBC (?), have a clawback for mortgage brokers. If you switch within 5 years, they claw back some of the commission.

So you were only three years into the mortgage, it's possible that the broker was facing a claw back.

Brendan
 
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