Hi all,
Can someone please enlighten me on using a mortgage broker's services. When signing up with them for a home loan to be approved by a bank/finance institution, how long are you tied up with them (broker) before they can't ask you for any "clawback" refund?
Nothing was stated on the contract I signed with my previous broker regarding any clawback refund and no $$ amount clearly stated. Now broker is asking me to refund him due to "early repayment" of home loan taken out through their service.
The home loan was taken out through this mortgage broker on August 2018 for 1 year fixed loan. I then requested another brokerage firm to re-assess my home loans and decided to move my home loan to a different bank on March 2020.
I got an email from previous broker requesting me to refund him $$$ for the amount they have to pay back the lender due to my loan being "repaid (discharged) early".
If I need to pay them the amount, I am willing to do so but I need clarity and not blindly paying out money to something that doesn't make any sense to me.
Many thanks
Can someone please enlighten me on using a mortgage broker's services. When signing up with them for a home loan to be approved by a bank/finance institution, how long are you tied up with them (broker) before they can't ask you for any "clawback" refund?
Nothing was stated on the contract I signed with my previous broker regarding any clawback refund and no $$ amount clearly stated. Now broker is asking me to refund him due to "early repayment" of home loan taken out through their service.
The home loan was taken out through this mortgage broker on August 2018 for 1 year fixed loan. I then requested another brokerage firm to re-assess my home loans and decided to move my home loan to a different bank on March 2020.
I got an email from previous broker requesting me to refund him $$$ for the amount they have to pay back the lender due to my loan being "repaid (discharged) early".
If I need to pay them the amount, I am willing to do so but I need clarity and not blindly paying out money to something that doesn't make any sense to me.
Many thanks
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