Mortgage Review Fee

[Deleted User]

I am in the process a arranging a new deal with my current lender (A&L) and they are charging me a £250 Mortgage Review Fee, which can be paid upfront or added to the mortgage.

£250! :eek: Do other lenders charge that much?

dunstonh

£250 is very good. Some of the fees are going into the £1500 mark.

This is why you need to cost in the charges with the interest rate and compare that way and not just look at rate alone. Mortgage brokers have software to do this. Although the fact you have chosen A&L suggests you possibly arent using a mortgage broker (my mortgage adviser mentioned that A&L werent that good at the moment compared to others available).

[Deleted User]

I think that you are referring to the Mortgage Reservation Fees? This deal is supposed to have no fees (it's called 'Feesaver'), but when I called they told me that they will charge a £250 Review Fee to upgrade me. :rolleyes: I might as well pay the £295 Mortgage Exit Fees then and shop around.

herbiesjp

Van1971 wrote: »

:rolleyes: I might as well pay the £295 Mortgage Exit Fees then and shop around.

That is exactly the point - you need to weigh up all the fees, both set up and exit fees and the see what is the best deal.

SOmetimes it look like it is easier or better to stay put, but in reality it could work out more favourable to find a new lender