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Mortgage provider have taken CHAPS fee - is this a good sign?
plainandsimple
Posts: 45 Forumite
Our mortgage provider has taken the CHAPS fee, but the update from our broker is that our documents will be assessed by close of business on Monday. After that the application still has to go for 1st assessment to the underwriter, I believe. Is it normal for the CHAPS fee to be taken so early in the process? Is it a sign they expect the mortgage to go through fine after looking it over?
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If your documents have not been assessed yet, I would probably not read too much in to it (sorry).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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Do you mean the valuation fee? CHAPS refers to same day bank transfers for large sums of money.0
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Some lenders collect it at the outset if you don't choose to add it to the loan.
Leeds BS comes to mind.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 -
It's the CHAPS fee / electronic transfer fee. We're with Leeds BS, so that'll be why then. We're a week in and don't seem to be getting far with the application being processed.0
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Top corner!plainandsimple wrote: »It's the CHAPS fee / electronic transfer fee. We're with Leeds BS, so that'll be why then. We're a week in and don't seem to be getting far with the application being processed.
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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