Booking fees - legally binding/refunadable?

glenn9850

Hello,

I have had a mortgage approved with Santander and signed some paperwork in the branch.

However, the advisor has phoned me to say they cannot offer the product I signed up for and can only offer a higher interest product now.

I have found a lower rate mortgage elsewhere, if I pull out of the Santander agreement will I still be charged the £999 Booking Fee? I decided to have the Booking Fee added to the mortgage, no money has been paid upfront to Santander.

Many thanks in advance for any advice.

castle96

"approved" = Decicion in Principle
No valuation on a specific property, no actual application made, no offer, therefore no fee payable

glenn9850

castle96 wrote: »

"approved" = Decicion in Principle
No valuation on a specific property, no actual application made, no offer, therefore no fee payable

Thanks for the reply

Maybe I am using the wrong terminology...I have signed paperwork with Santander but the mortgage still had to go through "Head Office", this is when they said they could no longer offer me the product I signed up for. I should add that they were going to value the poperty but didn't need to as they used the Home Report as a valuation.

When I visited the branch and signed the paperwork they gave me a copy which included Key facts etc. with a breakdown on the repayments etc. Is this the legally binding document?

So, am I right in saying I only have a "mortgage in principle" and not a fully completed mortgage as Santander are no longer offering me the orginal product (I assume they can only pull out of "in principle" mortgages and not a fully completed one)???

Evilm

The mortgage is not binding until your solicitors request the money from them in order to complete on the house. As far as I know the arrangement fee will not be payable in this circumstance.

glenn9850

Evilm wrote: »

The mortgage is not binding until your solicitors request the money from them in order to complete on the house. As far as I know the arrangement fee will not be payable in this circumstance.

Many thanks for the advice