£100 bank admin fee for home buyers survey

gift4u

Yet another 'administration fee' the banks slip in. Has anyone complained about this particular one? With a mortgage you have to get a home buyers report done through your lender. They have charged this £100 fee just to make a phone call to the surveyor who then call us to set up date, time etc. I called them to ask what they do for the £100 we've given them. The only answer he had was the fee is standard with all the banks. He couldn't explain what they actually did with our £100. Outrageous! I would like to complain further but who to? Anyone else dealt with this one??
Thanks

CCCele

Was this on your mortgage quote? The fees should be.

Dan_Collins_2

Home buy reports are not standard, they are choice. A valuation for mortgage purposes have to be done. Most if not all lenders add an admin fee to the valuation cost and it will be stated on your KFI (Quote). if it has not been illustrated to you before you take out your mortgage then you can complain.

Although they do a little more than just call the valuations office. £100 is light compared with some, do you expect the lender to do this for free? They have to pay the valuation company, they have to have the software to pick up the report and instruct the office to do the report, they need the staff to check the report when underwriting they need specialist staff to deal with unusual cases.

I think you get my picture.

Some lenders are charging to much but £100 above a standard valuation fee is not a lot. Some lenders double or more the true cost, now they need sorting out!

Sorry not ranting, just trying to help!

gift4u

Dan_Collins wrote: »

Home buy reports are not standard, they are choice. A valuation for mortgage purposes have to be done. Most if not all lenders add an admin fee to the valuation cost and it will be stated on your KFI (Quote). if it has not been illustrated to you before you take out your mortgage then you can complain.

Although they do a little more than just call the valuations office. £100 is light compared with some, do you expect the lender to do this for free? They have to pay the valuation company, they have to have the software to pick up the report and instruct the office to do the report, they need the staff to check the report when underwriting they need specialist staff to deal with unusual cases.

I think you get my picture.

Some lenders are charging to much but £100 above a standard valuation fee is not a lot. Some lenders double or more the true cost, now they need sorting out!

Sorry not ranting, just trying to help!

Hi and thanks for your explanation. You seem to know more about what lenders actually do for their admin fees. Wish they could just explain a little more on what they actually do for their admin fees in their literature - thats my only gripe really! £100 is a lot of money to me and to be just told to pay it and not given any explanation is not great in my books. Better communication would solve a lot of these problems. Thanks for the info.

Dan_Collins_2

gift4u wrote: »

Hi and thanks for your explanation. You seem to know more about what lenders actually do for their admin fees. Wish they could just explain a little more on what they actually do for their admin fees in their literature - thats my only gripe really! £100 is a lot of money to me and to be just told to pay it and not given any explanation is not great in my books. Better communication would solve a lot of these problems. Thanks for the info.

Spot on, lenders need to be clearer about fees and a more!

£100 is a lot of money to be paying with no explanation.

Good luck