What are CEPS?

Elaine_C

I've just remortgaged and had my completion statement arrive in the post today. There is a large fee on the breakdown for CEPS, what are they? A Google search has come up with nothing.

Nothing was mentioned by the advisor during previous meetings and I'm concerned it is a hidden fee that I needn't pay.

Thanks,
Elaine.

Simon_gloster

How large is large? £2, £2,000,000?

Elaine_C

Hi Simon,

It's just under £2,400.

Thanks,
Elaine.

Simon_gloster

Mmmm.....bang goes my theory of some form of exit fee/closing fee.

If its in your completion statement amd nothing to do with your old lender, ask the solicitor as they would have prepared the breakdown.

Who was your old and now new lender.

Simon_gloster

Any chance you used a broker and its their total fees? If so, this should have been disclosed very early on giving you rhe opportunity of an informed choice.

Thrugelmir

Who was your lender?

Did the mortgage product carry an early redemption charge?

Elaine_C

Thanks for all the replies. OK I've done some snooping and it turns out to be a Complete Estate Planning Package. I was asked if I wanted a Will setting up as part of my Mortgage, thinking that this would cost at most a couple of hundred pounds I said yes.

At no stage was I told the cost of this package until the Final Statement. I have now cancelled this part, so will have the cost refunded. I really don't want to name my broker as I have used them before and have always been happy with their prompt service.

Once again thanks for the advice.

Regards,
Elaine.

kingstreet

A mirror will for a couple should cost no more than £200.

You can get a family estate plan, including the change to tenants in common, two wills and the necessary trusts for about £1,500. That charge on your statement is much too high.

There's a bit more to the process than just a will, as its function is to;-

- protect your assets from being used to pay for care
- protect your children's inheritance from a future partner of your spouse
- protect your children's inheritance from their partner on divorce
- protect your children's inheritance against creditors.

If it may be of benefit to you, do some research into the process as there are many firms offering this service.