Legal analysis: it depends on the actual situation. According to the relevant provisions of the Civil Code of People's Republic of China (PRC), mortgage purchase belongs to the borrowing behavior of both parties. If the lender fails to repay the loan on time, which causes losses to the borrower, it shall compensate, and therefore a late fee will be incurred. Whether the late payment fee can be reduced or not depends on the borrower's own decision. The lender may apply to the borrower, and the other party agrees to reduce the late payment fee. Therefore, it is up to the borrower to decide whether to reduce the late payment fee.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 465 A lawfully formed contract shall be protected by law. A legally established contract is legally binding only on the parties, except as otherwise provided by law.

Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.

Article 671 Where the lender fails to provide the loan on the agreed date and amount, thus causing losses to the borrower, it shall compensate for the losses. If the borrower fails to collect the loan according to the agreed date and amount, it shall pay interest according to the agreed date and amount.