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Draw down fee?
arsenalmad
Posts: 5 Forumite
Hi all,
Does anyone know what a draw down fee is??
We have been told by our solicitor that our mortgage lender will be deducting a draw down fee.
Just wondering if anyone knows what this is for?
Many Thanks
Paul
Does anyone know what a draw down fee is??
We have been told by our solicitor that our mortgage lender will be deducting a draw down fee.
Just wondering if anyone knows what this is for?
Many Thanks
Paul
0
Comments
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For the provision of the loan mortgage and the documentation/process required to do so.0
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Have a look at your key facts illustration - section 8.
The fee is normally described as a telegraphic transfer fee and will be around £25 to £35 for the lender to send the money to your solicitor electronically on completion day.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for the quick response, it makes sense now, we knew we had a telegraphic transfer fee, just never heard of it as a drawn down fee.
Thanks again
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It would make life easier if we all used the same terminology.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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