Refund Request of Mortgage Application Fee For Mortgage being Cancelled

weeden

Can anyone help and let me know where I stand in so far as requesting my mortgage application fee to be returned.

My mortgage broker had tried - as he does - many mortgaging companies to get us the best deal for buy to let mortgages.

The company that was offering the best deal ie biggest loan facility, required a mortgage application fee for each mortgage application (two of them to be precise).

However, because of difficulties elsewhere, we were still trying to negotiate the purchases and it is taking quite a long time.

To get to the point - the mortgaging company have written stating they have cancelled the applications due to the timescale. There was no mention of refunding the application fees in this letter, and upon discussing the matter with the broker they say the fees are non returnable! Something we never knew about.:(

There was also no mention of what their timescale was, as far as I'm aware!:mad:

We originally paid these fees using our Mastercard.

Does anyone know where we stand in so far as recouping these fees, as they are quite considerable amounts as far as we are concerned and cannot afford to loose this amount of money for something which we do not have.

Please help in any way you can.

Thank you:)

dunstonh

oes anyone know where we stand in so far as recouping these fees, as they are quite considerable amounts as far as we are concerned and cannot afford to loose this amount of money for something which we do not have.

The mortgage documentation you were issued, in particular the mortgage key features illustration, would tell you all the fees you are liable for. it will also tell you if they are non-refundable.

The lender may well allow a new application without another fee. Have you got your mortgage broker to check this? if not, get them to ask.

weeden

Mortgage Key Features?????
Mortgage application documentation????

We have been given nothing in the way of the above from the advisorr. Only the advisors documentation itself....ie about his business and the way in which he conducts his business...and his fees etc.....

When asking the advisor about the fees (or should say, office manager) I was told that the fees are non returnable and that they would be in the documentation I have.........when I told her I have no documentation, she replied the advisor should have given them to me and that they would be in his file!

dunstonh

We have been given nothing in the way of the above from the advisorr.

The Key features illustration is a mandatory document, often issued twice (once by the adviser and once from the lender). This tells you the monthly cost of your mortgage, the term of the mortgage, charges you incur and general key points and risks.

Are you sure you havent had a document that tells you how much your monthly mortgage payment was going to be?

roonaldo

Also known as Key Facts Illustration (KFI) or Key Facts about Your Mortgage. If the adviser has done their job properly it would have been issued to you.

Why did the application not proceed, what time scale? Are you sure the application wasnt declined?

dunstonh

Also known as Key Facts Illustration (KFI)

I was stuck in a bit of a time warp there I asked a colleague to look at a reason why letter the other day. I think its time for a holiday!

weeden

No I've not received any paperwork relating to mortgage applications at all from the advisor - apart from the paperwork relating to his own business and how he conducts it.

When I e-mailed him to enquire about interest rates, charges and fees etc, as well as other info - the reply from his office manager ommitted all of the information regarding mortgages and only forwarded the other info requested on the email also.

When I telephoned to enquire about these fees, charges etc at the time of enquiring about the mortgage application fee being non refundable, again she said agreed the fees is non returnable and it would be in the file/paperwork I would have received from the advisor. The rates etc would also be in the paperwork/file. When I told her I had received no paperwork she said the advisor will have it then and I should have a copy of it.

The advisor called and again said it is unfortunate but the fees are non returnable, to which I admitted I was sorely dissappointed as there was no-one mentioned this nor a timescale. If there was I would have asked them to ask the mortgage company to extend the timescale. But surely they should have done this automatically as a matter of routine for delays in closing the application.

The application certainly wasnt refused/declined ....... we are still in negotiations with the bank and the company selling the properties and it is taking a considerable length of time. We hoped to have the sales finalised with mortgages in place..but the bank are dragging their heels....solicitors take ages to respond to emails etc etc that is where the time delay factor is coming from......and in the meantime the mortgage company have cancelled the application.

The advisor in his defence has stated that he also, was not aware there was a time factor in place with the company, although I understand as he has pointed out, that the mortgage company could not keep that deal forever.....but surely correspondence and communication is the key here and they should be communication with each other to sort this out.

In the meantime we may decide to use another mortgage company because of this scenario, and am wondering whether I have recourse to have my mortgage application fees refunded.....or to request from the credit card company a refund since I did not receive the service I appear to have paid for?