We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Most Expensive Mortgage Application fee?
oscardog
Posts: 364 Forumite
From IF, is this frightening or what:Remortgage Offset tracker 2 million for term of mortgage (B.o.E + 1.29%) 75% LTV6.54% currently Tracks 1.29% above the BoE's base rate for term of the mortgage6.7 % APR Arrangement fee: £4999 | Early repayment charges - 4.00% until 01.05.09, 4.00% until 01.05.10, 4.00% until 01.05.11 on original 'special rate' advance [full redemption] | Non-refundable valuation fee | CHAPS Fee: £25 | Additional Borrowing - at a tracker rate above the Bank of England's base rate. 0
Comments
-
C&G had some a while back with £8k fees!
And on large loans with % based fees they could potentially be anything £12k+!0 -
Yeah I was quoting and fees for 8k were coming up, % fees with large loans.
0 -
That is for a loan of £2m + as well, so only works out about 0.25% - you could pay 10 times that!!!I am a Mortgage Adviser
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.0 -
% fees are obviously going to vary and should one need a £10m mortgage then they will be massive. The people likely to get hit with this fee are normal people with "average mortgages".
It is the fact that this is a set fee and so bloody high regardless of mortgage amount that surprised me. Are they trying to scare people away deliberately?0 -
What I meant is if you look at the title of the product, it's Offset Tracker 2 million - it's for loans of £2mill and overI am a Mortgage Adviser
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.0 -
I had a 1/2 million pound deal last week, arrangement fee was 1.5%0
-
This fee doesnt seem too bad at all for the type of mortgage in question. Much cheaper than a percentage based one.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards