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Administration charge or admin fee

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter A

Administration charge or admin fee

All lenders have admin costs, some lenders charge these costs as an explicit fee and others will embed this cost within another fee such as a valuation fee.

What would happen is the valuation fee might be 210.00 of which 85.00 might be the admin fee and the rest goes forward to the valuer.

It should be noted that in these cases if the application does not proceed for any reason this element of the fee might be retained by the lender and therefore not refunded.

FSA declaration and important text about mortgage advice