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| Hidden Fees/Hidden Commissions |
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What Are Hidden Fees / Hidden Commissions?
A lender (Your mortgage company) will pay a Broker (The Company that processed your mortgage) a fee for processing your Mortgage, this fee is called a “Broker Commission”. This commission or fee is what you can claim back if it was not divulged to you. |
Can I claim My Hidden Fees / Hidden Commissions?
A high majority of Mortgages signed, before October 2004 did not include a KFI, which means that upon signing the agreement you was not given a break down of all costs and fees. This is where you may have a claim. Did you get a KFI? |
What is a KFI – Key Fact Illustration?
When you sign for a Mortgage, you should be given a key fact Illustration (KFI) which breaks down the agreement and highlights things such as Interest Rates, APRs and Fees. |
What Can I Claim?
~ Any Hidden Fees or Commissions that were undisclosed
~ Any Interest you have paid on these fees
~ Statutory 8% interest you would have earned on that money. |
| Example - (100k Mortgage taken out before October 2004) |
| Undisclosed Fees (5% Average) |
£5,000.00* |
| Interest Paid Over 7 Years |
£2,000.00* |
| 8% Statutory Interest of |
£500.00* |
| YOU HAVE A POSSIBLE CLAIM OF |
£7,500.00* |
| Our Fee (20%) |
£1,500.00* |
| YOU COULD RECEIVE |
£6,000.00* |
| * These are only example figures for demonstration purposes. |
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| Remember:
You may have had a Remortgage or a Secured Loan, so you may have 2 or 3 claims. |
| Claims can only go back 12 years, so of your agreement was signed over 12 years ago, you will not be eligible to claim. Sorry. |
| If you think you have a claim for Hidden Fees or Hidden Commissions complete our Debt Test and we will call you back or contact 0800 692 2000 |
| General FAQs | Compaints Procedure |
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