Mortgage company wanting fee's paid...

SilentBob

Right, quick background info. Wife and I applying for mortgage, due to restraints (95% LTV AND part ex), only a couple of companies are open to us.

One said yes, not a problem you guys are A grade customers of ours then said no....erm we are over exposed on the site.

Other company said we will look into it.

Well, the other company (Ipswich Building Society) have today phoned to ask for initial fee's to be paid. As I can't seem to get through to the woman to ask her directly (or indeed pay the fee's!), does this mean that they are instructing a valuer and if so, do my wife and I have the mortgage agreed in principle?

Please help, my head feels like it is going to explode!

gazfocus

A valuation will only be instructed once a full mortgage application has been submitted. It doesn't sound like this has been done yet.

Most mortgage lenders charge an 'application fee' which is completely seperate to any valuation fees and this has to be paid before the lender will even look at your application.

I would definately try to get through the Ipswitch Building Society on the phone and ask what the fee is for. It's extremely unlikely that they will be asking for a fee if you've not even had an AIP.

SilentBob

many thanks, it was application fee and valuation fee. Just got to wait for underwriters now.