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Product Fee help!
cousins82
Posts: 5 Forumite
Can anyone help?? I have applied for a mortgage with Nationwide via a broker.
Today they have taken out £999 for the product fee.
Does this mean the mortgage is going through? If not, does anyone know if it is refunded?
Today they have taken out £999 for the product fee.
Does this mean the mortgage is going through? If not, does anyone know if it is refunded?
0
Comments
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Do you have an illustration?
Im not sure if nationwide use the KFI or ESIS document. If it is the KFI it is section 8 that discloses the fees, when it is chargeable and if it is refundable.
If it is the ESIS document, im not sure what section it is on that.I am a Mortgage AdviserYou 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.0 -
For me, (applied a few weeks ago with Nationwide) the product fee was charged at the time the full application was submitted and a mortgage product had been selected (so after the DIP was approved). It would suggest that the full application is now being processed, although not necessarily yet approved.
However I believe that Nationwide carry out a hard search and pretty much a complete credit scoring on their DIPs, therefore if your DIP is approved - and assuming all the docs they ask for check out - then an approval is usually a pretty sure bet with them.0 -
If the mortgage does not complete, for any reason, the product fee is refundable in full.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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