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If mortgage is not approved will I lose product fee cost?
jinkssick
Posts: 1,323 Forumite
Trying to get ready for this mortgage application I will make later this week. I am a worrier by birth (I seem to tick all boxes to be accepted for mortgage) but worried what happens if not approved.
Could I possibly ask for the product fee to be added to mortgage then pay off before completion to mitigate if I do not get it? As the non fee are a bit more expensive. Any thoughts?
Could I possibly ask for the product fee to be added to mortgage then pay off before completion to mitigate if I do not get it? As the non fee are a bit more expensive. Any thoughts?
Save saynoto0870.com in your favorites, and stop giving companies more £££ dialling 0870 numbers when you can dial freephones or cheaper alternatives
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
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Comments
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Yes I was told by my MA that if we do not get the offer then you still lose the fees (or if seller pulls out etc.)
Make £2019 in 2019 Challenge - £272.48/£20190 -
It varies from lender to lender, but most will refund a product fee paid upfront if the application doesn't proceed.
You can choose add to loan and change it later if you prefer.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 -
kingstreet wrote: »It varies from lender to lender, but most will refund a product fee paid upfront if the application doesn't proceed.
You can choose add to loan and change it later if you prefer.
what happens if you add the fee to the loan but then would like to pay it up front before completion (after exchange?) do they allow it?
Make £2019 in 2019 Challenge - £272.48/£20190 -
Add the fee to the loan, day after completion call up and pay it off. Most lenders give you a window to do so.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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