- A client can choose to withdraw from the application process at any time and should do so in writing to Mortgage Direct.
- Once a client has signed the Terms and Conditions document and arranged payment of the Administration Fee of €695, they have appointed Mortgage Direct to oversee their mortgage application(s). From this point, this fee is only refunded under certain conditions.
- Under the conditions of the money-back guarantee, the Administration Fee is refunded if Mortgage Direct is not able to find a suitable mortgage. A suitable mortgage is one where the conditions match or are better than those quoted when the request for payment was made. If the lender provides a mortgage approval that does not match the quote provided prior to the client signing up with Mortgage Direct, and the client confirms they wish to proceed with the mortgage offered by the lender, that mortgage offer is then considered to be a suitable mortgage.
- Other circumstances where the Administration Fee would not be refunded are:
- If the client or the vendor withdraws from the sale.
- If the valuation of the property is lower than the agreed price and this prohibits the client from borrowing the full amount requested, which in turn prevents them from completing the purchase.
- If it transpires that the property to be purchased has been built illegally or has not been not fully or correctly registered and this prevents the purchase from going ahead.
- The client has provided false or incorrect information to Mortgage Direct and the lender declines the mortgage as a result of this.
*Please note that under circumstances where the Administration Fee is not refunded, if the client then goes on to apply for a new mortgage through Mortgage Direct, either for the same property or a new property, the fee is not charged again.