Principality Booking fee

SJEVANS

My mortgage is with the Principality Building Society and I have had a tracker mortgage with them for the past 6 years. My Tracker mortgage deal runs out the end of February.

I have received a renewal letter offer from them in which they offer to change my current interest rate of 0.74% above the 0.50% base rate (1.24%) to 2.49% above the base rate (2.99).

However they intend to charge me a £499 booking fee!!!! to do this.

I'm not moving home, I'm not a new customer, I still want a tracker mortgage so i'm not changing the product.

How can they justify this charge and is there any way of getting out of it???

I was then advised that if I want to take my business elsewhere there will be a charge of only £135.

Can anyone advise??

I have tried to look for a new deal but they all seem to be charging the same booking fees!!!

Peelerfart

That's the way these days, charge a fee in order to bump profits up.

Booking fees, arrangement fees,call 'em what you want all do the same job, and yet people still take out 2 year deals and then have to pay again in 24 months.

_Andy_

SJEVANS wrote: »

However they intend to charge me a £499 booking fee!!!! to do this.

And why shouldn't they?

I'm not moving home, I'm not a new customer

Not relevant.

I still want a tracker mortgage so i'm not changing the product.

Yes you are changing the product. Your existing product has ended.

How can they justify this charge and is there any way of getting out of it???

They are a business. They don't need to justify it.
No there isn't a way of getting out of it. You could just stay on the SVR if you wanted to (i.e. the one you agreed to as part of the mortgage contract).

I was then advised that if I want to take my business elsewhere there will be a charge of only £135.

Yes, and? You would've been aware of this when you took the mortgage out.

I have tried to look for a new deal but they all seem to be charging the same booking fees!!!

Yes, and?