Mortgage fee

WaxiesDargle

In October 06 I paid £36,000 off my mortgage from a pension lump sum...I now need £15,000 added to my mortgage (at 4.5% interest rate) which will take it to £20,000 owing... this is to pay off credit cards and overdraft

I have had this ok'd by the Halifax but at a cost of £349 for additional borrowing...I don't mind paying fees but £349 to borrow £15,000 seems a bit steep to me

Is this the normal fixed fee?

dunstonh

The fees tend to be fixed so you are paying the same as someone borrowing £150,000.

The FSA and Govt seem to prefer fixed fees to percentages as there is no difference in the level of work that is required based on the amount (except very large cases).

koexelek

In today's world, I guess £349 isn't too bad.

Lenders usually like to charge at least a grand for anything these days :rolleyes:

Robert_Sterling_3

Concentrate on how much better off you will be by doing this rather than paying credit card interest rates.:easter:

WaxiesDargle

you are so right Robert

thanks all