REA Mortgages

[Merrion]

Your right ninsaga, you are pretty stupid! moaning about an obviously neccessary procedure that rea must go through as regards to refunds, but the fact that you are refunded anyway, whats the problem?, also, are you complaining because they havent a solicitor in "the real capital" [wherever that is?], if so its hardly something to moan about, their a private company not a national service.

I think the tone of the last post is a bit unnecessary. There is no need to insult people

 

[rpmacmurphy]

sorry to be insulting but if a poster wants to complain about a certain company they should really have something significant to say regarding its service as other posters have about Rea. It can be very damaging to some businesses which is fair enough but must be based on something more substantial than the post in question

 

[harvey]

Hi Deirdre/Sarah,


I haven't had the need to use your service yet (hopefully soon) but my brother has to be fair.

Perhaps you could answer this as there is one thing I don't understand, why is there no refund if you don't avail of legal package ?

If a mortgage of €375,000 was granted, you get €3,750 in commission so why no refund as that is exactly the same service as any other broker surely ?

Is this all a tax scam of some sort ? Do you have to pay vat on the initial fee and do you have to pay tax on the refund ? Or even make a return to tax man.

The reason I don't anticipate having to use your solicitors is because my girlfriend works in a solicitors office by the way.

 

[DeirdreL]

Hi Harvey

When we started the business in 1996 most people were skeptical of our attempts to change the way mortgages were arranged. The idea of charging a fee for our work and the professional fee of a solicitor and then refunding any commission paid by the bank seemed an honest way of eliminating any bias in advice caused by different commission levels. People have expressed concern over the tax implications of this practice – some even expressing concerns over tax scams! Revenue has confirmed that as long as the commission refund does not exceed the fee paid to REA then there is no potential tax liability.

So in a typical case of someone borrowing €230,000 they would be charged a fee of €2495 plus VAT and would receive a refund of typically €2300 so the total cost of REA’s service and the cost of the professional fee of a solicitor would come to the equivalent of €594 plus VAT.

Even with this value some clients prefer to use their own solicitor and we accommodate this by not charging a fee and keeping the commission. In all cases we endeavour to provide value for our clients so perhaps when you feel ready you can contact us and discuss your personal requirements.



regards
Deirdre Leonard
[email protected]

 

[ninsaga]

but if a poster wants to complain about a certain company they should really have something significant to say regarding its service as other posters have about Rea.

.... so let me be specific....just to take the following example....

So in a typical case of someone borrowing €230,000 they would be charged a fee of €2495 plus VAT and would receive a refund of typically €2300 so the total cost of REA’s service and the cost of the professional fee of a solicitor would come to the equivalent of €594 plus VAT.

1. Why should I pay out €2495 plus Vat & then receive a refund of €2300... why not just invoice me for €594 from the outset.. simple question. EZhome have a simple straight forward approch to this.

2. At the time, the only offered a solicitor in Dublin...not in Cork. That was a problem for me..and others I'm sure.

...now can you please be so kind as to edit out your insults, Thank You

 

[rpmacmurphy]

.... so let me be specific....just to take the following example....



1. Why should I pay out €2495 plus Vat & then receive a refund of €2300... why not just invoice me for €594 from the outset.. simple question. EZhome have a simple straight forward approch to this.

2. At the time, the only offered a solicitor in Dublin...not in Cork. That was a problem for me..and others I'm sure.

...now can you please be so kind as to edit out your insults, Thank You

1. Why complain about a companys policy if you dont know the reason for it? maybe Deirdre can answer it for you.
2. So whats the problem, use a local solicitor as pointed out you are not charged a fee to do so, from the tone of your post it is quite obvious your pi**ed off for other reasons than a logistical one as to why they didnt have solicitor service in your area.
3. I dont have to edit out anything from my post for you, this is a forum and its within the forum guidelines.

 

[Seagull]

3. I dont have to edit out anything from my post for you, this is a forum and its within the forum guidelines.

The main reason for avoiding comments like you used is that the thread winds up being hijacked. Instead of the thread developing into a discussion around the original topic, it winds up as a slanging match.

 

[DeirdreL]

just to confirm as with any business, payments for services rendered are due and paid at the point of closure ie cheque issue, therefore the REA fee is due at this point, as lenders do not pay commissions for upwards of 45-50 days after cheque issue , the commission refund comes afterwards

my understanding is that EZ home offer lower priced solicitors but do not refund any commission to the clients and to my knowledge do not have agencies with 10 of the 12 Irish lenders like REA does

at present REA has solicitors on or panel stretching from Balbriggan accross to Dun Laoghaire in the Dublin area, and then also in Wicklow and Wexford

regards
Deirdre Leonard
[email protected]

 

[ninsaga]

my understanding is that EZ home offer lower priced solicitors but do not refund any commission to the clients and to my knowledge do not have agencies with 10 of the 12 Irish lenders like REA does

Yes that is correct (regarding the solicitors)- don't know about the agencies though nevertheless my point is that I was billed for what I finally had to pay as opposed to getting a higher bill, paying it, and subsequently getting a some it back....cleaner & a better customer experience etc etc

ninsaga