morgage transfer charges

kay1966

I am about to transfer my morgage to hsbc but they are charging £599 why should i pay this i bank with them, they are paying solicitors fees and i do not need a valuation so what are the charges for i will be fixing my morgage for 2 yrs at 3.24% for a £53000 morgage.

Mrs_Bumble

Its the arrangement fee for the mortgage product.

I would be very surprised if some sort of valuation hadn't been carried out. The arrangement fee should have been shown in the Key Facts Illustration that you should have received before committing to the mortgage application?

Most mortgage products at the moment have some sort of arrangement fee at the moment, and £599 is a relatively cheap one especially as the deal came with free remortgage legal costs.

_Andy_

kay1966 wrote: »

I am about to transfer my morgage to hsbc but they are charging £599 why should i pay this

Because you want that particular mortgage product. Same sort of reason I pay Tesco to deliver my grocery shopping.

i bank with them,

Not relevant.

they are paying solicitors fees and i do not need a valuation so what are the charges for i will be fixing my morgage for 2 yrs at 3.24% for a £53000 morgage.

As per your mortgage KFI, it's an arrangement fee for that rate.
If you don't want to pay it, look elsewhere for a fee-free deal and pay a higher rate. Your choice.