Research into top mortgage brokers identified by advertising "visibility" through television, press and the internet suggests the level of broker fees charged may be linked to how financially desperate customers are, and could be contrary to the FSA's TCF regime.
A mystery shopping exercise conducted by The Wriglesworth Consultancy on behalf of remortgage broker The Mortgage Champion found most brokers approached quoted significantly different fees, depending on whether or not customers with poor credit records were being threatened with reposession and had previously missed mortgage payments. In all cases, the mystery shopper identified they wanted an interest-only mortgage. As a result of the different factors, brokers quoted fees of up to £5,000, often linked to activity such as insisting on carrying out credit checks early on in the enquiry st...
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