What happens in terms of fee if don't go through with mortgage?

John_V85

Hi

I have a mortgage offer from Santander, but it is looking like the vendor is not going to budge on price despite the home buyers survey and subsequent specialists suggesting the requirement for relatively substantial remedial work.

I'll take a look at the small print, but assuming the sale falls through what happens in terms of the mortgagors fees, in particualr the arrangement fee. Will I still be charged this? Also, the valuation was thrown in so I assume this will also be charged?

Thanks

John

dwsjarcmcd

It depends on the T & C's. If you have already paid some, or all of the arrangement fee it's unlikely you will get it back. If you were not asked for the arrangement fee, or chose to add it to the loan, you may not have to pay it.

Conrad

Abbey will retain those fees as they will argue they've done the work and the sale falling through is irrelevant to them.

John_V85

I should have clarified. I have not paid any fees yet that I am aware of.

jill2002

The valuation fee will not be charged. If there is a booking fee and you have paid it upfront - it will not be refunded (just find another property quick so it can be re-used) if you have chosen to have the booking fee added to the loan - then it will not be charged.

I can't comment on any broker fees that may be charged, if you have taken the mortgage directly with Santander - no fee will be charged.

Hope this helps.

John_V85

Thanks for the heads up. I'll have a look at the small print also.