How silly & possibly misleading is this:-

payless

Pasted from a messgage rec'd from a major lender today ( whose fees generally appear higher than most)

" Our Valuation Fee scale is set out in our Mortgage Update and currently includes a £250 administration charge payable to Northern Rock.
With effect from Tuesday, 28th June 2005, we will be making the following changes to our Valuation Fee structure, and the way in which we disclose the costs associated with the valuation to our customers:

• Withdraw the £250 Administration Fee currently included within the Valuation Fee Scale.
• Introduce a £75 Application Fee – this is strictly non-refundable.
• Introduce a £175 commission, earned by Northern Rock for facilitating, accepting and assessing the valuation report for mortgage purposes.

The Application Fee and £175 commission will be included as part of the overall cost of the valuation report. It is important to note therefore, that the cost to your client will remain the same as it is now, as the overall Valuation Fee scale remains unchanged. The combined Valuation Fee scale should therefore continue to be used as now with full payment submitted with the mortgage applicationasted "

Fairdo_2

payless wrote:

Pasted from a messgage rec'd from a major lender today ( whose fees generally appear higher than most)

" Our Valuation Fee scale is set out in our Mortgage Update and currently includes a £250 administration charge payable to Northern Rock........

Who's the Lender then??????!!!!!

dunstonh

Fairdo wrote:

Who's the Lender then??????!!!!!

...includes a £250 administration charge payable to Northern Rock.

Fairdo_2

Was only joking DD. Trying to be subtle.

Felt in the mood for a bit of humour Today as I'm far too serious usually.

payless

Oops meant to blanked it out ...

Anyways what a waste of time, paper and tongue twisting

Before .. we make £250 on the fees ( over and about any product fee)
Now . we make £75 plus £175 on the fees, but will try and make it sound different / better

payless

Oops meant to blanked it out ...

Anyways what a waste of time, paper and tongue twisting

Before .. we make £250 on the fees ( over and about any product fee)
Now . we make £75 plus £175 on the fees, but will try and make it sound different / better

Fairdo_2

Bless them (the unknown lender). It's clarity gone wrong.

dunstonh

Where is your smiley Fairdo And I thought you were being dumb -(shall i put a smiley or not?)

Fairdo_2

dunstonh wrote:

Where is your smiley Fairdo And I thought you were being dumb -(shall i put a smiley or not?)

I tried putting a smiley in the text, but I was too dumb to be able to, so I put it where I could at the top instead.

I will admit to being dumb on the IT side with this site.

After all this time, I have managed to get and AVATAR although I stole it from an Australian Chess competitior (Don't even ask how I got that!!) and I have managed to get links put in my text (hoorah!!)

Next task is to get one of those moving smileys in the text so that I can look like I know what I am doing!

bunking_off

OK, so I can't believe that they would do this for no good reason.

Is there any tax implication at all? E.g. do they have to pay VAT on the valuation bit but not the commission, ie just saved themselves 17.5% of £175? I notice quite a few supermarkets do similar - charge 2% of your grocery bill as card processing fees, so they only need to give the taxman 17.5% of 98% instead of the full 100%.

Just a thought - I could be barking up completely the wrong tree and it could just be someone bored so they thought they'd re-organise things....

payless

Think hard to justify it as a "commission" as they receive the full fee themselves in the first place