Loan Completion Fee Interest 31 March 2018 at 10:08AM in Mortgages & endowments 1 reply 557 views

stejc

Hi,

I have received a letter today from YBS saying that when my mortgage funds were released a Loan Completion Fee of £345 was added to the mortgage balance and I have been paying interest on it for the last 3 years 9 months.

The letter says they cannot identify if I actually requested this fee to be added to the mortgage and they are reimbursing the interest on the fee by crediting the mortgage account by £59.

It says I have the option of paying the fee in full or after 60 days paying interest on the loan completion fee again.

What would be the best option to take? Its a 25 year mortgage and I do intent to remortgage once the 5 year fixed period is up.

Thanks

Stephen

[Deleted User]

Will you gain more interest on your savings over the next 60 days than you will pay on the fee?

That will give you your answer.