mortgage review fees

alp_2

I am a Northern Rock customer, having had a mortgage with them for 8 years. I am in the process of changing to a new mortgage deal with them, they want to charge me £295 for a 'mortgage review charge', £299 for 'additional borrowing charge' and £995 for a 'product fee' - and this is to stay with them! If I leave NR and change to another lender they would charge me an exit fee which would have to be as per the contract but it seems that the mortgage review charge of nearly £300 is excessive. Has anyone any views on this?

Mr_helpful

What is excessive? It seem everyone expects something for nothing these days. The alternative is Standard Variable rate which I assume you dont like the look of. Or you could pay a fair bit to remortgage. Not an easy choice try a broker

kenshaz

Ditch and switch,I personally would not even consider what they offer at those prices are they having a laugh.
No problem for Mr helpful who drives an Aston.

alp_2

Thank you for your comments - to Mr Helpful I would like to respond by saying that I don't think my valued custom for 8 years and now possibly a further 8 years should be sneered at by Northern Rock. I call £1500 quite a lot of money and not much of a 'carrot' to stay with the same lender. I understand that there are costs involved for them in processing the application, but I have been a good customer, so what's the gain for me to stay when I could pay the same to move elsewhere? The alternative is not the standard variable rate - it is going to another lender. As a broker, could you tell me whether these types of fees are generally negotiable?

alp_2

Sorry - didn't mean broker, meant advisor.

KTF

Those fees are non-negotiable. They really dont care that you have been with them for 8 years. Go and see an adviser so they can let you know what deals are available that suit your needs. You will (generally) pay fees with every new product unless you go on the SVR.

alp_2

I am a newbie at this, what is a pm and how do I send you one?

kenshaz

alp wrote: »

I am a newbie at this, what is a pm and how do I send you one?

I personaly never PM on request,please read the code of conduct which moderates this thread.If you need to discuss or give information ,give it for the benefit of all on the forum.
Returning to your original question PM is a personal message.