Halifax £500 cashback query!

Arina

Slightly confused!

Cut a long story short.. The sellers pulled out of our house purchase at the last minute so had to look for another property. Found property and gave our mortgage broker the new address details so he could go and update the excisting mortgage application with the new address details. He did this and has sent us some documents to sign and send back.

Right, this is what I'm confused about:

1. Is the arrangement fee also knows as a product fee?
2. On the halifax website under the product we have got it states the product fee is £495. Plus there doing a cahaback offer at the moment of £500. So would it mean I pay £495 for my product fee and get £500 cash back making it free in a sense or do I pay the £995 product fee (which is stated in the mortgage amendment form sent to me by my broker) and get the £500 cashback which makes the product fee £495?

Sorry for sounding thick x

maisie_moo_2

Hi
We went with Halifax & got the £500 cashback deal. The arrangement fee for us was £295 which we added on interest free to the mortgage term. You'll get the £500 cashback after your mortgage completes - our solicitor asked if we wanted to use put the cashback towards the solicitor fees and we did.

kingstreet

Please ensure you look at the fees in section eight of your mortgage offer.

Product fee and arrangement fee are interchangeable terms. However the mortgage account fee is not a product/arrangement fee.

If there is no product fee and a £500 cashback, the money will be paid to your solicitor with the mortgage advance, if it appears in section 12.

If there is a product fee you have paid upfront, or have added to the loan, you still get the cashback paid to your solicitor if it is mentioned in section 12.