bank charges for not completing a mortgage

lori28

Hello I wonder if anyone can help us. My husband and and I visited a mortgage advice office in Glasgow with a view to remortgaging. At the time the bank we were going to change to had a great fixed rate.

In the end we didn't go through with the change as our cuurent lender's rate remained at a great rate which was lower than the fixed . Now the bank we were going to change to wants to charge us 150.00 for not completing

Can they do this? can the fee be negotiated or will I just have to pay up

Many thanks

Senior_Paper_Monitor

What was in the keyfacts document that they provided you ?

What stage were you at when you withdrew ?

lori28

Hi I'm not sure if it was in the key facts document. I will need to find it.

We asked them to stop the process after a few weeks in March /April as the mortagage rate didn't change, we had until August to complete

Thanks

lori28

they want to charge 150.00 for not completing

Senior_Paper_Monitor

If the keyfacts and offer states that is an applicable fee then that is simply the case.

Aside from the legalities, it is hardly unreasonable with the time and expense they have met in the process.

picardygirl

We recently changed our mortgage to Barclays ...... and part of the terms of the application was that if we decided, after mortgage application, we no longer wanted the mortgage there would be a one off fee of £150, we completed on the mortgage so it wasnt relevant, but this fee was fully explained before we signed the application form.

They do the admin work to process the application, applicant decides they no longer want the mortgage, who pays for the admin costs ..... i agree the applicant who no longer wants to pursue the mortgage.

OP i think you should just pay up ....... was this fee explained to you on application, ...... but even if it wasnt explained it was I'm sure it must be in the small print of the application.

dunstonh

Some fees are non-refundable. The key features illustration will show if that is the case. Or just look up the deal on the internet and see if it says non-refundable.

If it says non-refundable then that means it is non-refundable.

lori28

ok everyone thanks for all your replies. I checked it is in the mortgage offer they sent me so I will pay. Agreed if they do the work they should get paid.

Just thought 150.00 was a bit steep!

ILW

lori28 wrote: »

ok everyone thanks for all your replies. I checked it is in the mortgage offer they sent me so I will pay. Agreed if they do the work they should get paid.

Just thought 150.00 was a bit steep!

I am sorry but you are doing this competely wrong.

The proper protocol is that you now bang on about "scam", "rip off" and how the banks are all a bunch of crooks.

I for one am extremely disappointed in you reply.

JuicyJesus

ILW wrote: »

I am sorry but you are doing this competely wrong.

The proper protocol is that you now bang on about "scam", "rip off" and how the banks are all a bunch of crooks.

I for one am extremely disappointed in you reply.

I'm not. It fills me with cheer that there are some honest people still out there.

lori28

ILW

I did say all that to the bank on the phone but they have got me over a barrel and I can't get out of it

If u have any suggestions then I would like to hear them but the bottom line is it is in the offer and the charges stand