Bank Charges on mortgage

bonzocs

Hi All,

I buying a house with my partner and we recently got accepted for a Natwest mortgage. However I just wanted some feedback on the charges we are likely to pay (Excluding solicitor charges).

Could anyone comment on whether the following fees are the going rate for a tracker mortgage?

The fees we have been quoted are:

Arrangement Fee = £699
Chaps Fee = £ 30
Booking Fee £499.00
Admin fee for valuation = £75.00

Redemption Fee = £225.00

Valuation Fee = £200.

These costs exclude our solicotor fees which total near £3k.

How can these fee's be so much ?

Any feedback appreciated?

maninthestreet

Solicitors fess of £3000?? That sounds a little excessive just for conveyancing.
A fee for mortgage booking and arrangment, totalling almost £1200 also sounds excessive. I would shop around to see if you can get a better deal.

bonzocs

Thanks maininthestreet for replying.

With further questioning it turned out that the original quoted figures from natwest were a mistake (hmmm)! The fees were close to £800 for the mortgage, a considerable mistake if you ask me!

Ian_W

£800 is much more like it, particularly if that includes the valuation.

The £3K solicitors fees do look excessive but does that include Stamp Duty? If so it's not a fee but a tax on purchasing a property of 1% if over £125K and 3% if over £250K.

EDIT just to add - when you get a quote for the mortgage the lender issues a document called a Key facts Illustration [unless they've changed the name] which should list all the fees payable.