'no fees' mortgage, can anyone shed some light?

D

denise1234

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Hi, decided to remortgage recently (went through a broker) and was told at the initial stages that there would be no fees, the bank would cover them on the condition that i stay with them for 5 yrs or if i moved i would have to pay them the money. said grand as did not have a spare 1000 euros + lying around and figured that if i sell house before 5 yrs up can pay fees back then out of sale profit.
However, got statement today and was charged fees. Can anyone tell me what exactly 'no fees' means, might be stupid but presumed it meant exactly what it said but just goes to show you shouldn't presume anything!
 
What exactly did the statment say the fees are for?
 
got statement today and was charged fees
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statement from who? broker, lender, ????

what fee's where you charged?

The fees free re-mortgage product, is whereby the lender pays for the conveyancing.

The broker may also have a fee, and you may have had to pay a valuation fee. There's also stamp duty on the mortgage, if the amount borrowed is in excess of €254,000 , this is not always covered under the fee's free product.

All fee's payable by you should have been clearly outlined to you before you proceeded.
 
closing centre fee and a 'quick switch' fee.
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How much did these fee's come to? I would take this up with the broker ASAP. as it looks like you have not been given the free switch product.

Which lender did you take out the mortgage with?
 
I have never heard of these fees!-And i am a broker! I think they might be taking the hand at you.

Like what was said the only fees in a no fees deal are valuation fees and stamp duty if it applies to you!
 
borrowed less than 254k so that shouldn't be the issue. paid for house valuation myself on the day so its basically from what i can see fees for changing over.
was just talking to a friend of mine who did pretty much same thing as me and was charged fees as well. she rang broker to query and they said that bank should send seperate cheque on to refund fees in next while.
whole thing makes no sense, would it not be a lot easier not to charge them in the first place rather than having to refund them once charged. will wait and see if cheque arrives, whole thing so time consuming and endless phone calls
 
I have never heard of these fees!-And i am a broker!
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Your a broker and you've never heard of closing centre and quick switch fee's??????????? Really?????
 
LOL at Molly!

Denise - please go back to your broker; there has been an error or misunderstanding and you should get your fees back. Please let us know how you get on.

Sarah

www.rea.ie
 
Denise which lender did you take the mortgage with?

the fee's are not lender fee's they are conveyancing fee's ( legal fee's) , it maybe the case that the lender is going to reinburse you, however it depends on the individual lenders.

Most do not deduct it from your mortgage cheque in the first place, and so it should not show as a fee on the closing statment you received.
 
with iib. have e-mailed broker just to see what story is and then can take it from there. haven't the energy to make a load of phone calls today!!
 
When you have sorted out the muddle you could do a lot worse than taking your business to Sarah Wellbend at REA (posted above) where fees are transparent and explained clearly in advance.
 
Closing center fees are legal fees associated with Irish Title. They use a quick switch form. They usually charge fees of approx 1K
 
MortgageBrkr said:
Closing center fees are legal fees associated with Irish Title. They use a quick switch form. They usually charge fees of approx 1K
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But then what does the 'no fees' mean? Basically as far as i can see I've paid for pretty much everything. Should I not have been told about these fees, if they are to be paid by me, at the initial stages?
 
Thats prob why i have not heard of them!!! I think you should employ your own solicitor and have reall independant advice. Most mortgage brokers have a solicitor that they refer to. For instance our solicitor charges a pro fee of €900 plus vat & outlay. Total fees for a new mortgage is usaually about €1800. This is not dependant on the mortgage amount. If you don't like him or you have own solicitor you can go to them!!
 
denise1234 said:
But then what does the 'no fees' mean? Basically as far as i can see I've paid for pretty much everything. Should I not have been told about these fees, if they are to be paid by me, at the initial stages?
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IIB should have paid these fees directly to First American Title Insurance if you applied for (and qualified for) the fees free remortgage. What does you broker have to say about it?

"Not for all" - words fail me. They really do.

Sarah

www.rea.ie
 
Why Shara??

Your expirence with these title companies may be good! Over the last number of years we have tried them a number of times-not much recently. The client hated them. The may work well in the big cities however they don't in country areas!
 
Thats prob why i have not heard of them!!! I think you should employ your own solicitor and have reall independant advice. Most mortgage brokers have a solicitor that they refer to. For instance our solicitor charges a pro fee of €900 plus vat & outlay. Total fees for a new mortgage is usaually about €1800. This is not dependant on the mortgage amount. If you don't like him or you have own solicitor you can go to them!!
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€1800 is a lot of money considering that you can avail of a remortgage whereby the lender will pay the legal fee's.

So your not offering your clients the option to avail of a fees free mortgage?

we have tried them a number of times-not much recently
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.

looks like you and your solicitor have a nice deal going there, surely its up to the customer to decide if they want to avail of a remortgage via title insurance and let the lender pay the fee's


Title insurance use a panel of solicitors nationwide, in my experience when your outside of larger cities, there will be an number of reputable local solicitors on the panel.
 
Denise , you really need to press your broker on this matter, so long as the amount you borrowed was a minimum of €200,000 then you would have qualified for it fee's free and IIB should have forwarded the fee directly to the title insurance company ( First American)
 
Denise if you have a copy of your loan offer at home from IIB there will be a condition on the special conditions page stating that IIB are paying the legal fees but if you switch within five years they will claw them back. IIB used to do this automatically with switcher cases over 200K but now they don't they have to be requested either from the broker or the client, so it sounds like your broker may have made a mistake so I would contact them straight away, although you may not get anywhere as if that condition says you are using First American and IIB are not paying and you signed the loan offer then there may be no way out of it.
 
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