Booking fees when declining mortgage offer

jamestap

Hello all,

I've recently had a mortgage offer from Abbey. I haven't yet paid them a penny as there was an offer of a free valuation and I elected to add the booking fee to the loan.

Unfortunately the purchase is not going to go ahead as the vendor's circumstances have changed.

My offer letter states "At this stage you're free to turn down this offer, but I'm afraid you'd lose the valuation fee or any other booking fee you've already paid to Abbey".

What does this mean as I've not paid them anything?

Cheers!

James

Yorkie1

My mortgage advisor told me that adding it to the loan rather than paying upfront meant that I wouldn't have to pay anything if the mortgage didn't go through.