Advice on mortgage arrangement fees

SJK32

My partner and I signed up for a mortgage last night and the product fee is £995 and has been added to the loan (as we didn't want to lose the money if things fell through).

However, a previous advisor had told us that a different lender's fee could be paid back in the first 2 months as was interest free.

Does anyone know if this depends on the lender (Abbey) and where I can find out please? Ideally would like to pay off that bit asap so don't incure interest on it.

Thanks :-)

happybroker

it forms part of the loan so isn't interest free but you should be able to pay off 10% of the balance each year without incurring any early repayment charges anyway so you can still get rid of the fee early.