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Mortgage Arrangement Fees

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warren-atkinson
warren-atkinson Posts: 1 Newbie
in Mortgages & endowments
Mortgage Arrangement Fees are typically £999 which in no way represents the cost to the Bank/Building Society of setting up the mortgage. As such, there should be a method of reclaiming. IS THERE?
Warren

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  • dunstonh
    dunstonh Posts: 116,844 Forumite
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    Mortgage Arrangement Fees are typically £999 which in no way represents the cost to the Bank/Building Society of setting up the mortgage.

    Evidence of that please?
    As such, there should be a method of reclaiming.

    Why?
    IS THERE?

    No there isnt.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
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    Troll or someone on the reclaiming train - "all aboard ladies and gents - companies shouldn't be able to profit on anything! All fees are the work of Satan!"
  • koexelek
    koexelek Posts: 7,847 Forumite
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    _Andy_ wrote: »
    All fees are the work of Satan!"

    Indeed, the lenders should be paying the borrowers a fee to take out one of their mortgages :rolleyes:
    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.
  • luckyfool
    luckyfool Posts: 1,683 Forumite
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    warren-atkinson wrote: »
    Mortgage Arrangement Fees are typically £999 which in no way represents the cost to the Bank/Building Society of setting up the mortgage. As such, there should be a method of reclaiming. IS THERE?
    Warren

    Nice one . . . you should do stand up.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
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    luckyfool wrote: »
    Nice one . . . you should do stand up.

    Next thread on the mortgage board

    "I say I say I say - my dog's got no nose.."
  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
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    anyone who uses their whole name is always going to be trouble.

    Thanks

    Wutang Jones
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Clive_Woody
    Clive_Woody Posts: 5,857 Forumite
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    warren-atkinson wrote: »
    Mortgage Arrangement Fees are typically £999 which in no way represents the cost to the Bank/Building Society of setting up the mortgage. As such, there should be a method of reclaiming. IS THERE?
    Warren
    The simplest way of avoiding paying these high fees is to not borrow money from them.

    Generally the higher the fee the lower the interest rate on offer. At the end of the day the total repayments (including set up fees) you make over a defined period will not differ significantly from one mortgage lender to another.

    :D
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • Squish_21
    Squish_21 Posts: 676 Forumite
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    The arrangement fees annoy me but hey what can do it often leads to a better deal!
    Squish
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