reservation fee

bike_saving_expert

Hi

doing some questions and i came across this question if i am right in assuming what this means i am quite puzzled this issue does not normally come up as people normally add the fees to loan but here goes.

nicky pays a reservation fee of £250 when applying for a five year fix rate mortgage with an extended early repayment charge which of the following statements is true


the answer according to my question book is

A the fee is not usually refundable if the application is subsequently canceled

is this really right im pretty sure the lender i work for can refund these fees

thanks

kingstreet

It varies from product to product and lender to lender.

Some fees are non-refundable in any circumstances.

betmunch

Sounds right to me if your doing a cemap test.

In real life the answers are often different though.