Arrangement fees

Peter

I am now about to join the ranks of the thousands whose mortgage is coming out of a fixed rate after 5 years and the marketplace is a very different one. Arrangement fees seem to have headed north quite dramatically.

I did enjoy the conversation with my existing lender when asked about the £999 arrangement fee. They obviously have a script for this and the adviser stuck to it but at no point could they justify that an existing customer who is staying with them, borrowing the same amount, over the same period justified £1,000 in fees. What kind of hourly rate would that be for a few keyboard strokes and the minimum of admin?

Reclaiming bank charges is one thing, reclaiming mortgage arrangement fees is far more appealing.