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introducer fee?


clare-robin
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It depends on a lot of things, including the credit rating of the customer introduced.

 

Up to about £1300 is very common.

 

On an impaired credit £150,000 mortgage it could be over £2000, depending on how many associated services the introducer managed to get you to use (lawyer / insurance / life assurance / etc)

 

I presume you were told about the fee beforehand though?

Number of times I've asked 1st Credit for information that I stil haven't recieved... 55 as at 02/05/07 :!:

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Our credit rating is rubbish. But as we remenber it the fee was orinally £500 but when we refused PPI, then it shoot up to £1500, can't remember if we question it at time or not. We just wanted the loan at the time asap. Just seems high compared to other loan we have had.

 

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For some reason the introducer fees for sub prime products are higher.

 

This doesn't seem quite right; after why would you pay more for getting a customer that's less likely to pay you back than for one that was more likely to pay you back?

 

It seems to me an indicator that in fact sub prime products are more profitable for the lender; ie that the higher charges are not entirely justified in terms of risk.

 

The fact that the introducer fee increased for not taking PPI is also interesting and logic defying. Sense tells you that the commission ought to be higher the more products you get the person to take. Another clear indicator that these products are excessively profitable :(

Number of times I've asked 1st Credit for information that I stil haven't recieved... 55 as at 02/05/07 :!:

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