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Some mortgage lenders charge this fee to cover their costs of administration and sourcing funds. This fee is not refundable if the mortgage application doesn't proceed.
Often the administration fee will form part of the valuation fee and this part will not be refunded by the lender if the valuation does not proceed.
Find out which lenders don't charge fees go to Moneyextra Mortgage Centre and Mortgage Comparison Service now.
Last Updated: March 2007 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.