Northern Rock : Are charges "Reasonable"

dukesy_2

This is NOT a question of trying to get out of paying fees before anyone jumps on me !!!

We have a current mortgage with NR, and are looking at using the portability element and increasing the mortgage when we move home

In the original offer, they clearly state a fee of £250 for "porting fee" if we wish to borrow more cash at the product rate : Fair enough.

But upon getting the illustrationfor our new mortgage, they are ALSO charging £160 for redeeming existing mortgage *NOT a redemption penalty, but an admin fee for "taking us off the old mortgage"> This is NOT mentioned anywhere in the original offer. *Their CURRENT fee is £225 so this is NOT about MEAF's

In addition to this, they are charging £210 for a valuation : Fair enough

PLUS £340 for a Valuation adiminstration/comission. This is for "accepting" the valuation and arranging it. This seems excessive.

This all just seems a little excessive to me. I am not trying get out of paying anything, but £345 for making a phone call and checking some paperwork.

I KNOW i have a choice (could go elsewhere) but the redemption charge i WOULD incur makes this less attractive.

Are NR within their rights to "make up" their own fees in this way ?

ceebeeby

... I know it seems excessive. Don't know the rights or wrong, but we paid it not that long ago.

Rick62

They are probably 'within their rights' but yes, they do come up with extra fees all over the place more than any other lender. Sometimes their products are good, particularly for clients with larger mortgages who want the flexibility, but they let themselves down with all their unexpected and confusing charges.

lynnexxxo

I too recently paid £365 to NR for accepting a survey. It seems way over the top but the only thing i could do was pay it and moan about it to anyone that would listen..............