Cleared mortgage after two years. Will broker seek fee?

I moved to Avant at the beginning of 2022 via broker. It was a 1.95% 5-year fixed rate.

I was able to clear the mortgage in late 2023.

The broker has got in touch asking why I switched.

I have read through the broker's T&C's document but it is full of "may"s.

Is it likely that they are asking "innocently" now to hit me with a bill as soon as I make contact?

They did the work, so are they not entitled to be paid?
Their fee was probably reduced, so they charge you for it?

Usually the broker is paid by the lender and there is a clawback if a borrower repays early. I think this is to stop brokers from recycling the same borrowers with other lenders every few years.

Polestar said:

The broker has got in touch asking why I switched.

Click to expand...

I would go silent.

The broker I used when I got my mortgage did say as a heads up that the bank get a clawback from them if the customer move within 3 years (presumably to hope that the customers stays with the bank for 3 years).. but I don't think they can force you to repay back.. does the T&C say anything specific about if you switch or end the mortgage within XYZ time frame, you would be liable to pay their fees? (or similar?).

I agree with Dr.Strangelove, if it is just an innocent query on why you switch, I'd say you are safe enough to go silent.

The OP is entitled to switch, also entitled to repay his mortgage. Not sure if the broker is entitled to charge him for doing either of those things. Not unless he has a contract with the broker that a fee would be charged if he didn't keep the mortgage with Avant for X number of years. So OP has to clarify what he signed, and preferably put up a scan of the relevant clause.

Thank you all for the replies.

They got 1% of the mortgage from the lender.

I will read the T&Cs carefully to try and find the clause if there is one.