Changing Mortgage using a broker, what is a commitment charge?

T

television

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I am in the process of changing mortgages and I have just been informed by the broker of a commitment charge. What is a commitment charge?
 
Is it a charge to cover the broker for work done if the application falls through ?Is it refundable against a successful application?
 
Did they not tell you about this charge before you agreed to use their services? How much is it? If it's just a lower rate you are looking for - the lowest variable rates are available at EBS (4.13) Halifax (4.4) and AIB are due to drop their rate very soon.
Don't sign up for a fixed rate in the current environment
 
I would hope a broker would have access to AIB.
If the charge is refundable then it would appear to be fair. No one can work for free.
I was charged by a company to design my kitchen. It was taken off the bill when I purchased from them.
 
Hi,

Sorry for butting in but I have just changed brokers. I am buying an apartment and was very worried about the rate that my broker got me. I checked with another broker recently and he has just got me a great rate.

My question is will the previous broker charge me? They did do all the work and everything was in place. I only changed because I thought I was being ripped off. I was not told about any charge if I did not go through with the mortage. How much could I get charged? Very worried now :(

Thanks
 
There's no standard charge. Check the original broker's Terms of Business. Any charges should be detailed there.
 
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