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Mortgage arrangement fees
b11mfy
Posts: 3 Newbie
i think its time we all stood up for ourselves. i was renewing my mortgage the other day and the best deals came with 5 - 6K arrangement fees. i think its terrible that they can charge this as they make enough money in the first place, how can they get away with it??
the mortgage i moved from had no penalty and i paid extra to have this privelage, i was horrified to see £175 admin fee on the paperwork. its about time we stood our ground and all refuse to pay these ridiculous fees.
the mortgage i moved from had no penalty and i paid extra to have this privelage, i was horrified to see £175 admin fee on the paperwork. its about time we stood our ground and all refuse to pay these ridiculous fees.
mortgage arrangement fees 4 votes
?
25%
1 vote
?
75%
3 votes
0
Comments
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if they had £5-6K fees then they weren't the "best deals". Everyone has different needs, and the market covers them pretty well as long as you are careful, or get help from someone who knows what they are doing.
If you don't like the deal, find another one.
The alternative is that we all get standard variable rates.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 -
best deal or not, who would wish to pay this money ontop of their mortgage. this should not be allowed the FSA should do something about it.0
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Queue dunstonh ...Gone ... or have I?0
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best deal or not, who would wish to pay this money ontop of their mortgage.
Someone with a large enough mortgage to make the lower interest rate worth paying a larger fee for.this should not be allowed the FSA should do something about it.
I guess you also think that everyone should wear the same clothes, drive the same cars and live in identical houses.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
its because of people like you the banks get away with this what do you think to an admin fee of £175 its the same as charges they get away adding to accounts..0
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its because of people like you the banks get away with this what do you think to an admin fee of £175 its the same as charges they get away adding to accounts..
People like who?
If you don't want to pay it - go somewhere else. It's not that complicated.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 -
Great poll btw
I voted for ? :P 0 -
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
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I am not a mortgage advisor, or a finance professional of any sort. I do have a mortgage, and I have paid arrangement fees (though nowhere near £5K!).
The purpose of an arrangement fee is to secure a particular offer, such as a fixed or discounted rate. You are not obliged to take this offer, and therefore you do not have to pay the arrangement fee.
If you do not wish to pay an arrangement fee, you can no doubt take advantage of the bank's standard variable rate. It is for the consumer (or their advisor) to decide which is the better option for them.Gone ... or have I?0 -
Great idea by the OP, restrict choice and put interest rates up for all.0
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