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When is a mortgage fee not a mortgage fee?

This might seem like a strange question but the answer is in fact concerning! A number of lenders have started to charge fees which apply at the point of application but are not-refundable if your application does not proceed. This applies no matter the reason why mortgage application does not proceed – it makes no difference if it is because you change your mind or the lender rejects your application because of problems with the survey or valuation. Lender’s charging non-refundable fees is a relatively new phenomenon but it is something you should look out for. Homebuyers have always known that there is a risk that they will have to pay for surveys on properties that they ultimately are not successful in buying. But incurring fees on a mortgage that you don’t get is even more concerning and can have a significant impact on your costs. At the time of writing (6 September 2007) there is a mortgage which has a non-refundable fee of 0.5% of the mortgage amount. On a typical £150,000 mortgage this would amount to a fee of £750 which would not be returned if the mortgage is declined. Given that this applies on a remortgage also it is very important to ensure that you are going to get the mortgage before you apply. To help with this, use a mortgage comparison and buying site that enables you to compare mortgages based on their true cost, including all fees.

Source: http://www.ArticlePros.com/author.php?Francis Ghiloni
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    About the author

    Francis Ghiloni is the Marketing Director at mform.co.uk. mform.co.uk helps you to <a href= "http://www.mform.co.uk/mform/mform?contentKey=mortgageinformation/buyertypes/ReMortgaging.xml">compare remortgages</a> and mortgages from every lender in the UK. By using the mform <a href="http://www.mform.co.uk">UK mortgage calculator</a> you can work out your monthly costs.

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