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Is a £999 Fee for a Mortgage Offer normal practice?
Comments
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Indeed. If, Mandark, you opted for the £999 fee on a £40,000 mortgage you certainly made the wrong choice.0
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I am shocked, since when have lenders started non-refundable application fees? Which companies do it and how is that 'Treating Customers Fairly'? The FSA should come down on them like a ton of bricks!0
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I am shocked, since when have lenders started non-refundable application fees?
Around 1995 I first recall seeing them.and how is that 'Treating Customers Fairly'? The FSA should come down on them like a ton of bricks!
The FSA have been quite vocal on the subject of fees and have stated that it is fair for companies to be paid for work done even if the mortgage doesnt succeed.
You have to remember that fixed rate deal financing isnt as easy now and someone pulling out can cost the lender. So, its only fair the cost is passed on.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 -
It could be worse. I read the other day arrangement fees of up to £40000 were being charged for very large mortgages :eek: http://www.ft.com/cms/s/0/31e40ee4-2e7b-11dd-ab55-000077b07658.html
what aload of rubbish! or did you press too many noughts? :rolleyes:0 -
Yes I probably did. That's what happens when you make the mistake of trying to pick a rate over the phone whilst scribbling down numbers!!!MarkyMarkD wrote: »Indeed. If, Mandark, you opted for the £999 fee on a £40,000 mortgage you certainly made the wrong choice.
The Halifax guy said he couldn't advise on the best choice. He could only tell me what was on offer.
Oh well what's done is done and I'll be more careful next time.:)Prof planning and public rights of way person. Studies all things tech!0 -
Indeed. No need to complete the deal in the one phone call. Ask for them to send you written details of the deals you are interested in, and then choose when you get those details. Or write them down. Or get them off their website and do your own calculations.
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