Change of mortgage

Dodgysailor

Hi,
Our mortgage application has been accepted and we already paid for the booking fee and the valuation fee.
We have found a much better mortgage deal with a different bank and we would like to cancel the first application and go for the one with the second bank.
My question is do we have to pay the arrangement fee for the first application if we decide to cancel it? I the key facts document that they sent us it states "payable on application" "no refundable" and we asked to add this to the mortgage. We have not signed any papers yet so I wonder if we have any hope to avoid loosing this money somehow...

Crashandburn

Dodgysailor wrote: »

Hi,
Our mortgage application has been accepted and we already paid for the booking fee and the valuation fee.
We have found a much better mortgage deal with a different bank and we would like to cancel the first application and go for the one with the second bank.
My question is do we have to pay the arrangement fee for the first application if we decide to cancel it? I the key facts document that they sent us it states "payable on application" "no refundable" and we asked to add this to the mortgage. We have not signed any papers yet so I wonder if we have any hope to avoid loosing this money somehow...

Doubt very much you need to pay for the arrangement fee. You would have lost the booking fee and the valuation fee (if they have carried out the valuation)

Always best to add the arrangement fee to the loan during the application stages just in case of things like this/chains falling apart etc

Dodgysailor

I thought so. Thanks