We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Feesaver - but charged a fee!

longbaygirl
Posts: 209 Forumite
Just taken out a Feesaver mortgage with Alliance and Leicester, but have been charged a £250 fee!
Am I missing something? Does Feesaver not imply/suggest there is no fee?
Am I missing something? Does Feesaver not imply/suggest there is no fee?
0
Comments
-
What does it say the fee is for? Are you sure it isnt from your previous lender in the form of an exit fee?0
-
Feesaver is the name they give to products without an arrangement fee ( and sometime other benefits) although they do allow existing borrowers to take these rates ( loyalty / not moving ) and all their product range appears to be +£250 * ADMIN) for these cases
( so on normal range if arr fee is £500, the loyalty fee is £750)
maybe poor name in this case ... but you did "save the arrangement fee" just paid an admin fee.
Mind you could have looked elsewhere and paid (upto ) £295 exit feeAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
So can they get away with that - a 'Feesaver' that charges an admin fee, but not an arrangement fee?
Sounds like a bit of a con to me...............0 -
In all fairness it does say "Feesaver" ,which you have done.
If it had said Fees Free I would have agreed with you.0 -
longbaygirl wrote: »So can they get away with that - a 'Feesaver' that charges an admin fee, but not an arrangement fee?
Sounds like a bit of a con to me...............
as I said not great choice of name , but it's fairly clear.Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
To be honest payless I don't think the name is misleading at all.
If I were to shop in say Costsaver supermarket I don't think that I would be given the impression that I could go and fill my trolley and pay nothing at the checkout.
However, if I entered Costnothing supermarket I would quite rightly feel agrieved that I had been mislead when asked to pay for my shopping.
Apologies to all as I am feeling extra superduper pedantic this afternoon !!
Leon0 -
Did say mis-leading, just maybe not greatest choice of nameAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
-
I thought the A&L fee saver products charged for the survey on application but refunded upon completion therefore making it a totally fee free product once yoy have completed.
The only time you will have to pay any fee is if the mortgage doesnt complete for any reason.
If you have been given a Key Feature Illustration then it should be detailed in there.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 -
H,
I belive this is a existing customer, not moving house rate swap .. so they get the rates on offer ( with or without fees) but pay £250 admin feeAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
I havent seen the exist customer bit in the thread but for new customers
If you look on here http://www.alliance-leicester.co.uk/mortgages/index.asp?page=all-rates&ct=mortgagesellmenu
Im not sure if it will link with the explanation open but if it hasn't then if you look for the 2 year fixed rate 5.89% (feesaver) for 2 years and then click the orange arrow to the right and it explains it all there.
I have done a few of these recently so I hope I am right or else I will have some unhappy clients!!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
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards