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Reck B

Mortgage Arrangement Fees

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Also known as;

  • Arrangement
  • Completion
  • Booking
  • Administration
  • Product

fees.

Can vary from £0 to £7000.

Their name suggests this fee is charged to process your mortgage (which, imo is reasonable).

Processing a mortgage is pracitically the same for a £45k terrace and a £45million mansion. Credit checks, applications, Land registry searches, ID checks, underwriting, offers etc. SAME SAME SAME.

Product fees should be standard across the industry or called what they really are;

True cost of mortgage concealment fees.

RIP OFF BRITAIN. :lol:

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Im pretty sure many banks charged them in the boom, even is they guaranteed NO CHECKS.

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True cost of mortgage concealment fees.

Looks like they work too..

Banks and building societies were today criticised by a consumer watchdog for making it virtually impossible to work out the true and total cost of a mortgage.

Which? said in a survey of 1,001 homeowners and homebuyers, only 0.5pc ranked five mortgage deals in the correct order, from best to worst.

Only a quarter could actually find the most expensive and cheapest, despite half of those quizzed claiming they found the test "easy".

Which? blamed the growing number of bolt-on, arrangement fees being used by lenders to raise money on home loan deals.

To underline the difficulties, even Which? has admitted making errors. Two production mistakes in its magazine, published on Saturday, mean the total costs were printed as the fees and the order of answers was incorrect.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10130818/99.5pc-fail-to-work-out-the-true-cost-of-a-mortgage.html

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What are they supposedly paying for? Administration?

Would it be possible to pay the fee to get the lowest rates then claim unreasonableness of this fee (related to work done) with the financial ombudsman and get say all but £50 back?

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Also known as;

  • Arrangement

  • Completion

  • Booking

  • Administration

  • Product

fees.

Can vary from £0 to £7000.

Their name suggests this fee is charged to process your mortgage (which, imo is reasonable).

Processing a mortgage is pracitically the same for a £45k terrace and a £45million mansion. Credit checks, applications, Land registry searches, ID checks, underwriting, offers etc. SAME SAME SAME.

Product fees should be standard across the industry or called what they really are;

True cost of mortgage concealment fees.

RIP OFF BRITAIN. :lol:

You are right - complete joke. I am looking at a remortgage with total fees/add-ons of >£2,100 (I think...). Less than £1k of that is the application fee - the rest just pops out of the woodwork as you go along. Still a good deal all in all, but not exactly transparent at first glance.

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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