voodoobluesman
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That sounds alot of money. I arrange mortgages and only charge those kind of fees if they are the more specialist high-adverse cases. For normal First-Time Buyer cases I don't charge anything to the client.
The only thing I can think of is that maybe they have also included things like survey; local searches; stamp duty and solicitors in all of that.
Ask them to break it down so that you know exactly what you're getting.
Good luck. |
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giga_the_freaky_dragon
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£2500?!?! My god! Is that the deposit or not? WWe only got charged a couple of hundred when we got a mortgage.... go to an estate agents and see what their advisors can offer you! |
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man with the golden gun
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Sounds a bit steep to me why dont you shop around online |
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fargo
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You need to talk to an independent mortgage brokers who does not charge high fees. try www.thepremiergroup.co.uk. The abbey deal sounds good.
There are advisers out there that do charge £2k plus for straight forward mortgages keep well away from them. There are plenty of decent adviser out there who do not rip people off.
I would point out that the Nationwide are starting to charge very high fees so check whether it is the lender charging the fee or the mortgage adviser |
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funkysoulfulness
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The fee sounds very expensive... Mortgage arrangement fees are generally between £0-499, so £2500 is over the top.. I would seriously look around for something else... Though saying that,
what is the interest rate on this mortgage? If it extremely low over a few years it might not be so bad...
As the previuos guy said maybe they are including all the fees including stamp duty. If thats the cases then fair enough.. If not, just go to the Abbey and apply for the same mortgage but cutting out the middleman. £2500 is too much just for arrangement. |
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jeff k
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Shop around a bit Chris, this fee sounds very steep for a few phone calls and a bit of paper shuffling, also what kind of interest do they want for your mortgage, think hard on this, remember this is the biggest deal of your life, make sure its a good deal. |
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Petra
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£415 for solictors fees is about normal - maybe slightly on the high side.
£2085 for a mortgage arangement fee is massive. Fixed rate deals do have higher arrangement fees but not usually quite as large. You can compare some in yahoo/financial/mortgages.
Is this plainly just his fee or does it include his commision? If it includes his commision it would depend on the size of mortgage you are getting. |
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David
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This sounds far to much even for a first time mortgage. Shop around is my advice |
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T M
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you should be able to get a mortgage advisor that charges you nothing, but instead takes a commission from the bank for arranging the loan.
there is no way you should pay that to the advisor. |
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Elay
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Chris, This is a US response, but I know that rates are sometimes reduced or bought down if you pay closing costs as you are. Solicitors fees are normally about 300 pounds. Used to live in nLondon BTW! Ask for the breakdown, ask for a product with no out of pocket, compare the rates you get, look at how long you want to hold property, and do a cost/benefit analysis! Good Luck... |
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Rachel P
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I paid £700 for solicitors fee and paid my mortage broker £1000 for finding me the mortgage. With my broker they did everything for me and took out the stress of buying the flat.. because my mortage was a complicated one it was worth the money, but if yours is straight forward then you may not need a broker, just go to all the banks/building societys and shop around |
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