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Dunno what I've just found


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Was reviewing my mortgage offer (2006) relating to current mortgage from 1st National aka GE Money & I came across this:

 

13. Using a mortgage intermediary

 

 

GEM HL will pay:

  • Bananas Inc Ltd
  • Majestic Finance Plus Ltd
  • Sesame Ltd

the sum of £1750 in cash and/or benefits if you take out this mortgage

 

I can understand Majestic Finance (brokers we used to get mortgage) & Sesame (to a point since they are the internediaries Maj Finance are connected with) but Bananas Inc Ltd are to do with Beacon Finance, not Sesame, Maj FP or GE so I'm just wondering what I've stumbled across!

 

Any ideas?

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I wonder if that is 'each' ? Was it in a document you weren't supposed to see ?

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No, it was on the back page of the mortgage offer here:

 

http://img3.imageshack.us/img3/1206/1stnationalrepaymentsde.jpg

 

but the mortgage illustration here:

 

http://img3.imageshack.us/img3/1617/mortgageillustration24t.jpg

 

only shows a figure of £840, payable to Maj Finance

 

The illustration was dated 24/11/06 & formal offer was 2/12/06

 

I have found a reference to Bananas Inc for the valuation fee but this was £265 so:

 

£840 to Majestic

£265 to Bananas Inc for valuation

= £1105

 

so £1750 - £1105 = £645 that I can't account for.

 

It may all be above board but feel a bit uneasy about it, given how GE Money operate!

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Hi

On your key facts illustration it should tell you how much would be paid to your intermediary, the exact amount, if then pays money to someone else out of that amount he is entitled to do that.

 

 

Sorry boss. I don't understand what it is you're getting at :confused:

 

The figures as I see it come up with a difference of £645 which is not accounted for in any form.

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Hi

Your KFI (key facts illustration) and your mortgage offer documentation should have shown the same amount paid to your intermediary, I really do not know why they are different amounts. However please don't worry about this because it has not come out of your mortgage or your money at all. That amount is paid to the intermediary by the lender for the intermediary giving the lender your business. You can imagine how much money in interest alone the mortgage lenders get out of us. It does not affect what you pay or anything like that. Hope that helps.

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Was reviewing my mortgage offer (2006) relating to current mortgage from 1st National aka GE Money & I came across this:

 

13. Using a mortgage intermediary

 

 

GEM HL will pay:

  • Bananas Inc Ltd
  • Majestic Finance Plus Ltd
  • Sesame Ltd

the sum of £1750 in cash and/or benefits if you take out this mortgage

 

I can understand Majestic Finance (brokers we used to get mortgage) & Sesame (to a point since they are the internediaries Maj Finance are connected with) but Bananas Inc Ltd are to do with Beacon Finance, not Sesame, Maj FP or GE so I'm just wondering what I've stumbled across!

 

Any ideas?

 

When you applied for your Mortgage, Bananas Inc were not part of Beacon. Beacon did not acquire Bananas Inc until April 2007

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