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Mortgage application fee
Jodiec_2
Posts: 1 Newbie
Hello
First time on this site, so excuse if I'm asking the wrong thing in the wrong place.
We applied for a mortgage last week which was agreed in principle by the Woolwich through our IFA, so we sent off a fee of £995 to complete the application and then they refused the mortgage.
They're now claiming they can keep the fee as it was part of the application - can this be right??
All advice,comments appreciated.
thanks,
First time on this site, so excuse if I'm asking the wrong thing in the wrong place.
We applied for a mortgage last week which was agreed in principle by the Woolwich through our IFA, so we sent off a fee of £995 to complete the application and then they refused the mortgage.
They're now claiming they can keep the fee as it was part of the application - can this be right??
All advice,comments appreciated.
thanks,
0
Comments
-
It depends on the way the fee is described. If it is an application fee, then they probably can, but it is unusual for a fee of a much as £995 to be fully required on application, usually £2-300 on application with the rest on completion. Your broker should have explained this and warned you of this. Speak to your broker. If no joy then go to a formal complaint then to the ombudsman because retaining that amount of money for a rejected application is shocking0
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