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Mortgage question

(3 Posts)
nell15 Sun 15-Jan-17 22:56:09

Hi we are in a property chain and are waiting for our buyers buyers mortgage to be finalised. Everything has been in place for an exchange from early December and then these people after being in this chain for two months applied for a mortgage.

My frustration is that we were told that the mortgage offer was on its way and would with their solicitor last Monday. We were then told that yes they've got a mortgage but there's a bit missing and they the buyers have to pay £300 to the building society to release the mortgage and that they took the money into the BS last Wednesday - by Friday this "missing bit still hadn't arrived at their solicitors.
Has anyone heard of this thing with paying money upfront to release the funds before with a mortgage? Am I right to be worried? Any thoughts on this.

Toottootcar Sun 15-Jan-17 23:59:54

I'm not sure if it's the same, but our mortgage had a £999 fee which we were told could either be added to the mortgage, or we could lay it upfront.
I would say the holidays have led to big delays in our own purchase, nothing to do with our keenness or ability to buy.

Testificateman Mon 16-Jan-17 19:51:47

Yes. Some mortgages have fees. You can either, add it on to your mortgage or pay it upfront. Cheapest way in the long run is to pay it upfront.
Good luck with your move.

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