Mortgage broker's responsibilities

[Love_London]

Just a quick question please...

Is your mortgage broker responsible for reminding you when your mortgage comes up for renewal?

Mine didn't and I went too close to applying for a remortgage so I'm having to pay few hundreds pounds extra as my rate has gone back to the standard rate.

[Siduhe]

No, I've never heard of a mortgage broker doing that sort of reminding or being required to. My mortgage company has sent me reminders in reasonable time to remortgage - but again I don't think that's a requirement, just good practice.

[Loz]

A lot of mortgage brokers do, but only as they would benefit from you taking out a new mortgage with them. AFAIK there is no legal obligation for them to do so.

[Otta]

What Loz said. Our broker said he'd be in touch before our mortgage ends, but only because he'll want the new commision.