Mortgage Arrangement Fees - Reclaiming Unfailr Bank Charges

beaverman33_2

Hello there moneysavers,

I would like to question your collective brains about my mortgage arrangement fee and whether you think that it is worthwhile/applicable to take on the mortgage lender in relation to the reclaiming unfair bank charges issue.

I currently have a buy-to-let mortgage with NatWest. The two year fixed rate period will end soon. I've followed the instructions given on the website for tracking the best deal (via London and Country) and they could not find an offer that was better than the new offer given by exisitng lender.

So even though I am staying with my existing lender they are clobbering me with an arrangement fee of £695!!!! Is this worthwhile/applicable as a claim under unfair bank charges?

Many thanks fo any advice that people can give.

Regards,

Beaverman33

AndrewSmith

You cannot claim it as an unfair bank charge simply because you have the option of taking the product or not. It is not a penalty and as such is not considered a punitive charge.

The resulting answer would simply be 'if you don't like the charge don't take the product'.

beaverman33_2

Ok, thanks for clearing that one up.

Much appreciated.

trumbo

Try telling them that if they dont lose the £695 fee they will lose you as a customer....

Scott

They won't waive that £695 even with that kind of threat, I'm afraid.