Can someone explain these fees please

Pammy

Hi,

Can someone help explain what these fees are please. They seem very high.

Arrangement fee On completion £3,150.00
Telegraphic Transfer On completion £25.00
Mortgage Discharge Fee On repayment £90.00
Deeds Release Fee On repayment £50.00
Lenders Conveyancing Fee £180.00
Application/Valuation Upfront £389.00
Packaging Fee On completion £500.00

_Andy_

High in relation to what?
Is this a subprime mortgage via a packager by any chance?
Have you asked your broker to explain the fees?

Pammy

Well I guess high in what you would expect to pay.

Its a complex prime

iamana1ias

Pammy wrote: »

Hi,

Can someone help explain what these fees are please. They seem very high.

Arrangement fee On completion £3,150.00 What they are charging for arranging the mortgage. Payable when you complete on the purchase
Telegraphic Transfer On completion £25.00 Bank charge to transfer the money in one day instead of BACS (several days) payable on completion
Mortgage Discharge Fee On repayment £90.00 When you finish paying the mortgage off
Deeds Release Fee On repayment £50.00 Charge to send the deeds to you when you finish paying the mortgage off
Lenders Conveyancing Fee £180.00 Their legal costs for the purchase
Application/Valuation Upfront £389.00 The charge they make for you applying for the mortgage
Packaging Fee On completion £500.00 An extra charge for having their mortgage. Payable when you complete on the purchase

Given it's an adverse mortgage, they're going to make the most of it!

Pammy

Thanks. I didnt realise it was adverse, nobody pointed this out. The rate is 4.6 fixed , thats ok right?

VIGILANT22

Who is the lender, what do you mean by complex prime?

Wutang_2

Pammy wrote: »

Thanks. I didnt realise it was adverse, nobody pointed this out. The rate is 4.6 fixed , thats ok right?

you seem to know very little about something rather important!

Pammy

Wutang wrote: »

you seem to know very little about something rather important!

Well isnt that why I'm here? It's been offered through a broker so that is why I am here to get some clarification.

I'm not an expert in these matters and I am trying to get my head around it.

A complex prime as I understand it is for borrowers are those who fall outside the normal lending criteria even though they have a good credit record.

VIGILANT22

I am interested to know who lends on "complex prime"....do you know who the lender is?

getmore4less

Why do you fall outside the normal lending criteria?

The fees are VERY HIGH there is £3.5k in there that is not normaly paid.
the lendrs fees are OK £0-£1k is the normal range.

_Andy_

Pammy wrote: »

Well isnt that why I'm here? It's been offered through a broker so that is why I am here to get some clarification.

Have you asked the broker to explain them?