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    • groningen
    • By groningen 8th Oct 17, 2:50 PM
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    groningen
    Can i get fee back
    • #1
    • 8th Oct 17, 2:50 PM
    Can i get fee back 8th Oct 17 at 2:50 PM
    We had an offer of a mortgage from Santander, we paid £995 fee. But the house was valued at less than asking price. Due to poor communication and 5 weeks later we have lost the house and want to change lender to try again. Can we have a fee refund. Thanks for any help.
Page 1
    • ACG
    • By ACG 8th Oct 17, 3:30 PM
    • 15,533 Posts
    • 7,878 Thanks
    ACG
    • #2
    • 8th Oct 17, 3:30 PM
    • #2
    • 8th Oct 17, 3:30 PM
    You should have received a quote/illustration.
    There will be a section relating to fees, what does it say there?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 8th Oct 17, 4:05 PM
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    Thrugelmir
    • #3
    • 8th Oct 17, 4:05 PM
    • #3
    • 8th Oct 17, 4:05 PM
    We had an offer of a mortgage from Santander, we paid £995 fee. But the house was valued at less than asking price.
    Originally posted by groningen
    Then you didn't have a formal mortgage offer. An offer is only made once the property is valued.

    Have you asked Santander if they'll refund?
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • YHM
    • By YHM 8th Oct 17, 4:34 PM
    • 149 Posts
    • 52 Thanks
    YHM
    • #4
    • 8th Oct 17, 4:34 PM
    • #4
    • 8th Oct 17, 4:34 PM
    I would be surprised if you get your money back, as it sounds like you are pulling out of your own accord.

    If your application had been declined, due to affordability etc than you would usually get your upfront fee back, but as it appears you proceeded even with the down value, I don't believe Santander would refund you....
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • amnblog
    • By amnblog 8th Oct 17, 4:54 PM
    • 9,877 Posts
    • 3,829 Thanks
    amnblog
    • #5
    • 8th Oct 17, 4:54 PM
    • #5
    • 8th Oct 17, 4:54 PM
    Santander will only refund the product post valuation if:-

    The valuer considers the property unsuitable security.

    The valuer down values the property and as a result you need to change the product.

    If sounds like you have decided not to progress so they won’t refund. One of the issues when using Santander. The trick is to add to the loan on completion.
    Last edited by amnblog; 08-10-2017 at 7:03 PM.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 8th Oct 17, 6:31 PM
    • 32,080 Posts
    • 17,170 Thanks
    kingstreet
    • #6
    • 8th Oct 17, 6:31 PM
    • #6
    • 8th Oct 17, 6:31 PM
    Yep.

    Choose 'add to the loan' then you have upto fourteen days after completion to pay it off without being charged any interest.

    These are the little things brokers know which make us invaluable.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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