Closing Admin Fee

horace_2

>> MarkyMarkD

I am disappointed with your dismissive reply. I thought, incorrectly, that we were on the cusp of an intelligent disscusion.

I suppose the proverb `you can lead a horse to water but you can`t make it drink` applies here.

horace.

horace_2

as an aside for future discussion...

http://www.housepricecrash.co.uk/forum/index.php?showtopic=41842


horace

horace_2

If you have the time this, imho, is worth listening to. Somewhat obvious comments and observations at the beginning but the sting is in the tail. Lengthy but worth hearing to the end.


click the link below, when redirected click mises search then click

money,banking and the federal reserve

http://video.google.co.uk/videoplay?docid=466210540567002553&q=mises

DoshSaver

AMO wrote:

Hi all,

I am about to move my mortgage.

There is an arrangement fee to do so, but there is also a closing admin fee from my old mortgage provider.

Should I be paying for the closing admin fee. It's £225 - is this high?

Thanx

AMO

Check your original documents to see what they stated (often as “Sealing and Deeds release” is what you are calling “closing fee”) if its more than a couple of years ago its likely to be less than £225 and if you have your yearly statements you might be able to see when it changed from your original arrangement.

Also look at my reply to angela2095 today on page 4 here:
http://forums.moneysavingexpert.com/showthread.html?t=363731&page=4

Fees ? What fees, I am fed up with this system of screwing the client and have chosen to move (from Coventry BS, end of 5 year fix) to ING Direct which don’t charge them and you can leave when you want – they make their money by being efficient and straight forward 5.14% variable and 5.3% overall, now that’s stress free & fee free! Freephone or online only though (I did mine on line and it was very easy and straight forward)

MarkyMarkD

Are you having a laugh?

Based on ING Direct's behaviour with savings account rates, you could find yourself paying an awful lot more interest in the very near future.

Whilst ING Direct's variable rate is currently 5.14%, it is guaranteed to be "no more than 0.9% above Bank of England base rate" - which is a whopping 5.25% + 0.9% = 6.15%.

AMO

I moved to ING Direct fixed rate at 4.85% which was 5.something % APR.

I got C&G to reduce from £225 down to £180. The original closing admin fee at the time I took out the mortgage was £50 per sub account plus £30 deeds despatch. Total of £80. However, I took an extension to my mortgage which would have bought it to £130.

It isn't worth trying to get the remaining £50 out of C&G as they can argue that over a 5 year period costs can reasonably increase by that much. I am glad that I got it reduced, so I am happy.

Thanx

AMO

DoshSaver

MarkyMarkD wrote:

Are you having a laugh?

Based on ING Direct's behaviour with savings account rates, you could find yourself paying an awful lot more interest in the very near future.

Whilst ING Direct's variable rate is currently 5.14%, it is guaranteed to be "no more than 0.9% above Bank of England base rate" - which is a whopping 5.25% + 0.9% = 6.15%.

Well then if the rate does not remain "Competitive" you LEAVE; THERE ARE NO FEES associated with moving your mortgage! I have had absolutely no competency or “Customer Care” issues nor do I have an issue with their rates; there are no hidden costs.

MarkyMarkD

Whilst I understand your approach, and 5.14% is a very competitive fee-free rate, I'm not sure that I believe the sustainability of ING's rates given their savings behaviour.

You are quite right that you could always leave and go elsewhere; whilst there are no costs to leave them there are clearly costs to get a mortgage elsewhere, in most circumstances, so if they force you out with uncompetitive price rises in the near future they will not necessarily have proven a good choice.

horace_2

Whilst I understand your approach, and 5.14% is a very competitive fee-free rate, I'm not sure that I believe the sustainability of ING's rates given their savings behaviour.

You are quite right that you could always leave and go elsewhere; whilst there are no costs to leave them there are clearly costs to get a mortgage elsewhere, in most circumstances, so if they force you out with uncompetitive price rises in the near future they will not necessarily have proven a good choice.

.>>> MarkyMark

Your comment above does seem actionable. Oh dear. I would not like to be in your shoes.

horace.