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What should I ask about a broker's fee?
Identify who charges the fee, when it is payable and what service it buys.
The broker, lender and an advertising comparison site can have different roles.
Request the conditions in writing, including any refund provision that applies. A fee does not guarantee an offer or approval, and local authorization rules should be checked separately.
Prepare a question about a loan charge
Collect the date, amount and contractual wording, then follow the provider's relevant enquiry process.
Definitions
- Total repayable
- Sum payable under the stated schedule and its assumptions; contingent charges and changes must be considered separately.
- Amount received
- Money actually made available to the borrower, which can differ from the stated loan amount if a charge is deducted.