Mortgage Application Fee
A mortgage application fee is charged by the bank for preparing a mortgage application, conducting credit checks etc.
It is paid to the lender upfront at the time of application it is usually between £100 and £300.This type of fee is becoming less common than an arrangement fee.
As with arrangement fees, this type of mortgage fee is usually found with the special deals from lenders possibly to restrict the number of applicants by only attracting serious buyers. Some of the time this fee is refunded on completion of the mortgage.
Click for more mortgage glossary terms relating to remortgaging.