Wednesday, October 24, 2007

The Sting

Okay, not exactly the crime of the century, but I have had a mortgage client come to me with three properties on the same development in Spain due for completion imminently. They have been given quotes by their lawyer for arranging the three mortgages, and the bank commissions are clearly load to provide either more commission for the lawyer. or maybe to create a pot of commission to split between the lawyer and another mortgage broker.
In any event, given that the lawyer is doing quite nicely from the conveyancing, it seems a bit rich to be overcharging the client for three Spanish mortgages. It's just not cricket.
Over at we try and be upfront and honest about these things - I'll even disclose the lender's identity rather than pretend it's a big secret.
Cheers for now. Watch those fees.

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