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Mortgage Transfer Completion Fee
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garyhere
Posts: 7 Forumite
We recently moved our mortgage from HSBC to Stroud and Swindon Building Society. We managed to get a 5.29% rate.
I am now concerned with some of the fees we were charged. Although we were charged no fees by HSBC, the Stroud and Swindon charged us £750 Completion Fee - "this fee is non-fundable and is payable from the advance monies at completion"
Does anyone else think this is excesive?
Thoughts please.
Gary
I am now concerned with some of the fees we were charged. Although we were charged no fees by HSBC, the Stroud and Swindon charged us £750 Completion Fee - "this fee is non-fundable and is payable from the advance monies at completion"
Does anyone else think this is excesive?
Thoughts please.
Gary
0
Comments
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gary
Were you not aware what the fees would be before you commited to the deal, I would suggest that the fee is in line with most lenders fees given the rate you have got. Did you seek advice or go it alone?
dbI am an Independent Financial Adviser and as such any discussion / conversation held within this forum does not construe advice in any way. Discussions should be used for guidance purposes only, you should always seek the services of an Independent Financial Adviser before making any financial decisions.0 -
Hi DB
We got this mortgage through a local financial advisor, who made it clear at the start that there would be a charge of £750. We assumed that this was the norm', it is only with the recent spate of bank and building society charges being questioned that I thought it might be worth checking on the charge we received.
I am sure there is nothing underhand with this charge, after all, no one twisted my arm to take the mortgage offer, but I guess it was worth checking.
Thanks for the reply
Cheers
Gary0 -
Nothing incorrect has gone on from what I can see so far. You were told that there was a fee upon completion and it was charged. Lenders will often charge these kinds of fees to help provide cheaper rates, which you are benefiting from now.
Its not like bank charges or exit fees, it was a fee to help get a lower interest rate.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It wasn't so much the charge itself, just the high rate of £750, but I'm happy that nothing wrong has occured.
thanks for the help0
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