Mortgage Arrangement Fees

LPChamberlain

Could anybody give me any tips as to how I can challenge the £595.00(!) arrangement fee C&G will charge me for arranging a new fixed rate mortgage with them? I have been on a 12 month fixed rate with them that is due to expire shortly and I just wish to renew on to a 2yr fixed. All my details are exactly the same as a yr ago and I find it hard to understand why I have to pay the same amount as a 'brand new' customer, as surely there is less 'administration' involved?
I did ask the young lady in 'Sales' at C&G for an explanation but recieved the usual 'that's the charge' response

silvercar

You need to include this charge in your calculations as to whether that is the best move for you.

No-one is ever going to give existing customers better deals than new customers!

crossleydd42

You can't challenge the cost - they decide and you pay. But you can walk away, can't you?
Nationwide is doing a current fixed rate deal for 5 years and their charge is just £199! My son is taking one out now. Try that.

neyo_2

Hi,

Double check to see if this fee is an 'application fee' or an 'arrangement fee'. My experience with C&G is that this 600 downpayment is for application.

This means that even if they decline your re-mortgage application, you will forefit your £600. I remortgaged with them last year, and was perplexed when the lady indicated this to me. I took the gamble anyway, it paid off.

Just a heads up...

.:Neyo:.