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mumof3 | We are in the process of buying a house and we recieved the documents this morning? |
with all ther fatcs and figures etc. On the fees section its saying we have to pay £1,995 administration fees!! we were under the impression that we didnt have to pay this? are we wrong? does everyone whos getting a mortgage have to pay these? also can u tell me what these next few things mean!! cheers!!
telegraphic transfer fee=£35
own buildings insurance fee=£40
deeds production fee=£50
redemption administration fee=£135
packager application fee=£99
thanx to any 1 that can be bothered to help!!! xxxx |
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ricky s
|
The Admin fee is from the lender, so you can have a cheaoer rate. Is the lender by any chance Northern Rock???? You can add this to the mortgage to cut upfront costs down.
Telegraphci transfer fee is the fee for sending the monies on day of completion. There is no point sending a few days earlier as you will then get charged more interest per day than the £35 transfer fee, from the lender.
If you choose to arrange your own buildings insurance the lender charges you a one off fee to accept this policy and satisfy the lenders underwritters. It might be worth asking the lender for a buildings and contents quote to compare?? Thats what I do for alot of my clients.
Dont worry too much about the deeds production fee and redemption admin fee, these are only payable when you come to pay off this lender, IE in 2 years or so at the end of your deal. Basically these fees are to shut down your mortgage account with this lender
Packager application fee, to me sounds like whom ever gave you advice, gave your details to a third party who then approached the lender!??
Does any of this help!??? |
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lozzielaws
 |
the telegraphic transfer fee is the cost of transfering funds, ususally your deposit you have given to the solicitor to the bank/building sociaty who hold your mortgage
Deeds production fee is the cost of somone walking to the filing cabinet and getting the deeds to the property and sending them to your solicitor.
I dont know the rest, but the two above are unavoidable, its all a rip off, but all these fees have to be paid when you buy a house. Its so expensive, Im surprised anyone can afford to do it nowadays. |
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trymeimbritish
 |
basically it is sayin yah f---cked lmao |
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Jody W
 |
I assume these are mortgage papers? The mortgage arrangement fee is something you have to pay, places that offer 'fee-free' mortgage generally have higer rates so you can't win either way
I'm a bit confused about the rest, the telegraphic transfer fee is to have money 'wired' instantly between two accounts, your mortgage should not be asking for this, if it's from your lawyer then you can just arrange for the money to be sent a few days before, although this can be a bit dodgy if you send it and then the sale does not got through but the money is sent to a central account in london that everyone uses so it should be safe (I think , that's how it was explained to me)
the own buildings insurance fee sounds like a con, unless you agreed to in as part of your mortgage terms to take insurance out with the lender, I've never heard of it though
no idea what the last two are though, the deeds production fee is also a standard charge but not from the mortgage company, you'll also have to pay for things like searches etc, I am confused as to who has sent you these papers as it sounds like some are from the mortgage company and others are from the lawyers
best advice I can give is get an independant financial advisor, they are free for arranging mortgages (DONT use the estate agents ones) and they will be able to talk you through things adn take a lot of the stress off, also call you solicitor if you have questions, you are paying them, make use of the lazy buggers! |
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Joan J
 |
Don't know them all.
Telegraph Transfer fee is the cost of transfering the money on completion day,instantly.
Own Buildings insurance fee. not sure - are you taking your mortgage providers ins or are you getting your own - either way they have got a cheek charging this.
Deeds production fee - sounds to me like it is a new house and they are having to set up new deeds - ask your solicitor - again this sounds like a cheek.
Redemption administration fee is the charge at the end when you are redeeming your mortgage i.e.selling it on to someone one else.
Packager application fee? not a clue.
Sounds to me like they are trying it on. can't you find a mortgage provider with less charges. There is one on tv at the moment can't remember the name but she is always saying no! everytime they ask her do you charge for this - she says no - do you know the ad I am talking about.
usually whatever the charges they add them onto the mortgage so you don;t usually have to pay them up front. Good luck I know its a minefield out there. |
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powder
 |
Yes, there are always fees to pay which is why buying a house is so stressful. Did you take out the insurance that protects you against having to pay some of the fee if the deal falls through? If you are unsure then ask your solicitor. |
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luludoodie
|
It's all spin again. So they can reduce the percentage rate used in adverts they take the charges out - and then put them back in when you are already hooked! They can then also charge more for itemised charges.
For example the telegraphic transfer fee charge of £35. What they mean is using the "free" BACS system, but charging you! As a comparison I recently sent money to Sweden, I was charged £21. Still excessive, but 33% cheaper than your charge for an internal UK transfer.
What is a redemption administration fee?
What is a packager application form?
I suggest you make an apppointment to see Building Society or Bank Manager and confront him with these and say what are they - in detail - how are the charges made up! In other words embarass him, and stay in your seat until he does something.
A lot of the time these charges are invented by Head Office and the employees who have to deal with the public are not happy with the deception. Stand your ground and demand details and a reduction as you were not advised of all these charges beforehand. It is called deception selling and the Banks etc. are terrified of being caught out and publicised so you may be able to get "special case" status (i.e. keep you quiet!) and get a reduction.
Probably they have you over a barrel as the house sale can't proceed until you sign / pay up! So go in NOW demand to see the Manager and say you are staying here until it is sorted out! Make yourself an increasing nuisance and they have to do something. The threat to bring the local Newspaper (and photographer!!!!!) if you have to return can make them see sense quickly! |
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vix
 |
Ask your solicitor to break it down and explain it all.
Basically, you'll pay for each search - which can be from £10-£150 each, depending on which kind they are, plus the stamp duty (1% of the value of your house if under £250k), and then solicitors fees on top (usually around £500).
Have a look at this page here, I found it very helpful: http://www.rightmove.co.uk/template/publicsite%2Chelp%2Cguides%2Cbuying%2CLegalWork.vm |
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claireclaire1984
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Yes im sure everyone has to pay the fees. |
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KJ
|
Own buildings insurance fee is a rip off charge for not opting to take your buildings insurance with the bank supplying the mortgage.
Have you used a broker or financial adviser to arrange the mortgage? I believe the packager application fee is what they get paid. |
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