Mortgage Arrangement Fees

karen69_2

Hi there! With all the talk of reclaiming Mortgage Exit Fees, I wondered if there was anything happening with regards Mortgage Arrangement Fees? We have recently been charged more than £900 in fees for our mortgage and I have just looked at their website to find they are now charging £1499!!!
:eek:

How they can justify this I have no idea so why aren't the FSA looking at this too? Or are they? Does anybody know anything about this?

dmg24

You need to do a search, this has been covered endless times.

karen69_2

I have searched and found nothing.... Maybe I'm doing something wrong here...? Please feel free to direct me!

minimike2

Arrangement fees are a product feature. You do not have to pay them. You can chose a product with lower or no fees.

In return for paying a fee you get a lower interest rate.

Would you go into a shop and expect to get your shopping for free? No....Its the same concept.

karen69_2

No! I know you're in the business but at what point do you draw the line? £900? £1499? £3000? It is supposed to be a fee for arranging your mortgage - nothing more, so how do they justify it?

Your analogy doesn't work because when I go shopping I take a product and pay for it I don't then have to pay a fee for allowing them to take my money and sell me a product! The Building Society will be taking my money for the next few years for their product so, sorry to be repetitive, how do they justify such high fees?

inca_2

At the end of the day you are made well aware of the fee when you take the mortgage out and there are reasons for the fees being there. As said in a previous post you have the option of not having a fee and paying a higher rate. You can ask the adviser to work out which is more cost effective.

minimike2

No its not just a fee for arranging the mortgage. Its a fee for the product.

And The analogy does work. A mortgage is a product just the same as a banana is. Or a loaf of bread. Its just that you cant touch / eat a mortgage.

ManAtHome

It's more like paying an annual fee to Costco so's you can get your bananas cheaper - alternative is Tesco** etc...

**other supermarkets are available.

neil9313

karen69 wrote: »

Hi there! With all the talk of reclaiming Mortgage Exit Fees, I wondered if there was anything happening with regards Mortgage Arrangement Fees? We have recently been charged more than £900 in fees for our mortgage and I have just looked at their website to find they are now charging £1499!!!
:eek:

How they can justify this I have no idea so why aren't the FSA looking at this too? Or are they? Does anybody know anything about this?

Some people do make me laff!



Were you under any stress when you signed? :cool: did you know the fees? Or are you just trying to blag something?

karen69_2

Who makes you 'laff'? Do you mean laugh?

Why do you say I'm trying to 'blag' something?

I think the fees are too high - my opinion
I think the FSA should look into it - my opinion
I think that yes, if the FSA agree with me, some money should be refunded - MY OPINION

I've asked a question and expressed an opinion. I don't fully understand financial products and don't pretend to

inca_2

So did you think the fees were too high when you signed up for the mortgage?

Or is it only now that you have seen the fee claiming for other things that you think any fee for anything you have ever paid for anything financial should be refunded. Don't get me wrong, I'm not completely biased, there are some fees that I disagree with but then if I wasn't happy with them I would be looking for a deal that didn't have them in their t&c.