Will I lose my booking fee in 3 months?

janbanan

I just applied for a fixed rate mortgage with NatWest. The credit scoring was successful and paper work is on its way in the post.

However I'm worried that I have made a mistake! At the end of the phone call I was told the booking fee of £499 is non-refundable and is only valid for 3 months, and that I would lose it if I do not take on the mortgage within this time.

It is not uncommon for a house purchase to take more than 3 months. In my case the seller is currently looking for property so I expect it to take more than 3 months... I'm worried that I will have to pay another booking fee, or even worse, I would lose time having to apply for a new mortgage after this time.

Would NatWest be likely to extend the mortgage offer in 3 months time? Even if it was with a new rate? Or would I need to submit a fresh application?

I may decide to reapply for a new mortgage tomorrow. Would it look suspicious if I make a second mortgage application just a few days the first one? I have otherwise a perfect credit history.

Any advice would be gratefully received!

Sooler

I've no idea - have you paid the fee yet?

Is applying different to booking?

ie do you apply for the mortgage - then if you want it you book it and pay the booking fee.

So if you've only applied for it - you won't have to pay a fee unless you book it.
The person on the phone may have just assumed you would book the mortgage.

Or if they say you have to pay the fee - argue that you only applied for the mortgage and not booked it - so no booking fee, - and no application fee - so you owe them nothing.:D