Here we'll take a look at our Mortgage Broker Fee and fee charging procedures, as well as look into some of the other fees that you may encounter from elsewhere during the course of arranging a mortgage.
Mortgage Brokers (Intermediaries) are highly regulated organisations, and the law demands very high standards of any regulated firm that engages in the sale, arrangement and administration of regulated mortgage and insurance products.
Shire Direct strives to provide a first-class professional and compliant service for all our customers. Naturally to be able to do so, we have practice costs to maintain, as well as providing you with specialist advice and recommendations by professionally qualified advisors. Shire Direct Mortgage Advisors are all required to hold these qualifications, and together with our policy of ongoing rigorous and continual training, we are able to ensure you receive top quality service and advice. This is why we will generally charge a fee for our work, research, administration, and advice.
Different arrangement fees may be payable, depending on your individual circumstances. For example, if your application is straightforward (or conforming), an arrangement fee of 1% is the standard charge, payable when your mortgage has completed. This fee is typically £795. However, you may have difficult or unusual circumstances (often referred to as non-conforming), such as a poor payment track record, or non-conventional income. In these circumstances, the firm is likely to expend considerably more time on researching, preparation, underwriting and processing. Accordingly, in these cases, the arrangement fee is likely to be up to 3% of the mortgage advance, typically £1995, payable only on successful completion of the transaction.
Similarly, Regulated Equity Release products are specialist transactions and are likely to attract an intermediary fee of 3% of the amount advanced, subject to a minimum of £795 and a maximum of £1595.
Dealing in property finance will inevitably cost the end user a series of fees, and these will usually include one or more of the following fees and costs:
For futher details please see our Guide to Mortgage Fees.
Mortgages/Remortgages: The overall cost for comparison is 9.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances. For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
Homeowner Loans: Rates from 8.9% APR variable, but typically 13.9% APR variable. Most customers are likely to receive a lower rate or the same rate as our typical variable rate - learn more about APR. Shire Direct also has a range of non-conforming loan plans with rates up to 19.9% APR. These plans are designed to help those who may have a more difficult credit history, including CCJ's and credit arrears, IVA and bankruptcy problems.
A broker fee of between 0% and 10% of the loan advance may be charged for arranging a secured loan.
All loans subject to status and secured on property.
The actual rate available will depend upon your circumstances. Written quotations on request.
Equity Release Products:
Equity Release products may involve a Lifetime Mortgage or Home Reversion Plan. To understand the features and risks, ask for a personalised illustration.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Over £2,000 worth of Argos Vouchers to be won in the Shire Direct Grand Prize Draw 2008! Terms and conditions apply - please read article for full details.
Claim £100 worth of Argos Vouchers upon completion of your transaction throughout 2008. Terms and conditions apply - see our Vouchers Special Offer page for full details.
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
