booking fee.

smnb08

hi guys
can you explain to me what a booking fee is.
i thought it was something you paid to secure the rate you have applied for while the application is being done.
my broker says no and that the rate has gone up nearly 1% since i first applied.

grogdog

plain and simple , it is another way for the lenders to make money on you.

0james0

you are basicaly right, its a fee mortgage companies charge you for setting up the mortgage. Doesn't always book the rate though, as you have found out. With many companies, especialy the big ones, Nationwide etc then it would book your rate.

Is your lender First National?

smnb08

no the lender is beacon

theGrinch

its another way to bend you over the desk and.....ahem ahem

booking fee, admin fee, arrangement fee, valuation fee, oh and then the interest rate...etc etc

smnb08

theGrinch wrote: »

its another way to bend you over the desk and.....ahem ahem

:rotfl:
omg you have cheared me up no end with that comment!!

theGrinch

of course I meant, spank your bottom with a wet plimsoll and nothing more

smnb08

theGrinch wrote: »

of course I meant, spank your bottom with a wet plimsoll and nothing more

that is just what i thought you meant!!!:rotfl:

koexelek

theGrinch wrote: »

booking fee, admin fee, arrangement fee, valuation fee, oh and then the interest rate...etc etc

It's their tip

"You've got to have a bit of bubbly at the shareholders "

Love that advert