Mortgage Fees Before Start?

ricsmoney

Hi,

Can anyone provide any advice on Mortgage charges?

I recently agreed a new fixed rate deal with my current mortgage provider that will convert in a couple of weeks. I think I'd like to go elsewhere but have been told I may have to pay charges to get out of the deal.

The deal hasn't started yet and the paperwork states that I cannot change my mind and exit the contract after the conversion.

Does anyone know if I can be charged for exiting a contract that hasn't already started?

Thanks

dunstonh

Does anyone know if I can be charged for exiting a contract that hasn't already started?

Yes you can but it depends on the terms of the mortgage. Many lenders have a non-refundable booking fee. Check the wording on yours and if it says non-refundable then its fairly clear that it is non-refundable.