Which Finance Advisor to choose ...

[Deleted User]

Charged by nationwide, added to the redemption figure.   Usually called a Deeds Release Fee

Bucki

Deleted_User said:

Charged by nationwide, added to the redemption figure.   Usually called a Deeds Release Fee

Thanks Deleted_User but I could not see that on the Mortgage Illustration provided.
I guess that is something to find out when the mortgage application has ben successfull, right?

[Deleted User]

Different lenders call it different things. All amounts to the same thing,  a fee to cover the admin of closing the mortgage and removing their interest in the property.   Cost ranges from £70-£250 depending on the lender 

Bucki

Deleted_User said:

Different lenders call it different things. All amounts to the same thing,  a fee to cover the admin of closing the mortgage and removing their interest in the property.   Cost ranges from £70-£250 depending on the lender 

Not cheap at all

Would had been nice to know beforehand... just surprised the selfempoyed broker didnt know what that is for, when I asked about it. Hmm well ... nothing I can do I guess.

C_N_

Bucki said:

Deleted_User said:

Different lenders call it different things. All amounts to the same thing,  a fee to cover the admin of closing the mortgage and removing their interest in the property.   Cost ranges from £70-£250 depending on the lender 

Not cheap at all

Would had been nice to know beforehand... just surprised the selfempoyed broker didnt know what that is for, when I asked about it. Hmm well ... nothing I can do I guess.

From the horses mouth https://www.nationwide.co.uk/support/support-articles/rates-fees-charges/mortgage-fees-and-charges/ending-your-mortgage

Mortgage exit fee – at Nationwide we call this a mortgage exit administration fee or a redemption fee What the fee is for You may have to pay this if: you transfer your mortgage loan to another lender, or you pay off your mortgage in full more than 10 years before the end of your term, or when porting, there is a delay between the sale of your existing property and the purchase of your new property. In this case, we’ll refund any applicable fees on completion of your new property purchase, providing this is completed within the offer validity period. Please note, if you need to change the details of your application after the sale of your property has completed, you won’t be able to port your existing mortgage product to your new property and you’ll need to choose a new mortgage product. This means any fees you’ve paid when you closed your existing account won’t be refunded. You may be charged a separate fee by your solicitor or licensed qualified conveyancer for their work relating to redemption of the mortgage and discharge of the security. How much is the fee? £65 The charge quoted applies to mortgage contracts taken after 1 May 2005. For all other customers the fee charged will depend on the fee at the time the mortgage was entered into. Any fee that applies will be stated in your mortgage offer.

Bucki

Sorr guys, got a silly question.

Now the broker is applying for the Mortgage etc.
I wonder if I will start getting charged or have to pay the Mortgage the moment it has been accepted?

On other hand, what if the Mortgage gets accepted and the process is complete but we are waiting for the vendor to move out as they have not found a new home yet - now, will I still get charged ? Note: we are not in rush, as we just welcomed our baby girl and would rather take it easy for at least 4-6 months.

FTB_Help

Bucki said:

Sorr guys, got a silly question.

Now the broker is applying for the Mortgage etc.
I wonder if I will start getting charged or have to pay the Mortgage the moment it has been accepted?

On other hand, what if the Mortgage gets accepted and the process is complete but we are waiting for the vendor to move out as they have not found a new home yet - now, will I still get charged ? Note: we are not in rush, as we just welcomed our baby girl and would rather take it easy for at least 4-6 months.

No you don't pay mortgage as soon as its accepted.

You are paying your advisor,  so you can ask them these questions directly, it might be worth just giving them a call and talk through all your worries/ questions on the mortgage