Cooperative bank Rabobank, market leader in the Dutch mortgage market with around 40%, is planning to charge sharply lower tariffs than its competitors for handing out mortgage advice from next year.
New rules from January 1 will stop mortgage providers charging customers ‘hidden’ costs and commission. Instead, they will have to charge a ‘transparent’ fee for their advice.
Rabobank says it will charge €1,750 to advise clients about mortgages, under-cutting the €2,100 fee offered by ABN Amro and ING. SNS Bank has opted for €2,950 while independent mortgage agents’ fees so far vary between €2,500 and €3,000, the Financieele Dagblad says.
If customers are well-prepared and can carry out some of the administrative procedures themselves, the Rabobank fee will be as low as €850 for first-time buyers, the FD reported. Other banks have not yet introduced discounted rates.
A spokesman for the independent advisors’ association Adfziz told the FD Rabobank’s move is ‘surprising’. ‘This says a lot about the value Rabobank attaches to its advice,’ the spokesman said. The Rabobank fee will be charged on a ‘no-cure-no-pay’ basis, which has also angered Adfziz.
Which bank is your mortgage provider? Use the comment box below.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation