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Adding arrangement fee to mortgage loan
parkingadvice1212
Posts: 176 Forumite
I have a mortgage for £280k and added the £1,495 arrangement fee to the loan.
My solicitor's completion statement shows "mortgage advance: £281,460 (so mortgage + arrangement fee - CHAPS fee).
Is this correct? I can't see why the arrangement fee should be added to the mortgage advance that is sent to my solicitor.
I don't want to get to completion day and be over £1,000 short!
My solicitor's completion statement shows "mortgage advance: £281,460 (so mortgage + arrangement fee - CHAPS fee).
Is this correct? I can't see why the arrangement fee should be added to the mortgage advance that is sent to my solicitor.
I don't want to get to completion day and be over £1,000 short!
0
Comments
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The lender still needs to be paid. To be paid you need to receive the money first as you are borrowing the money from the lender. In order that the solicitor has the funds to pay the fee.0
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Is this correct? I can't see why the arrangement fee should be added to the mortgage advance that is sent to my solicitor.
You normally pay it in advance or add it to the mortgage (where you can pay it after the mortgage is advanced immediately or spread it over the term). What have you chosen to do?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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