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    • dunstonh
    • By dunstonh 25th Sep 17, 2:36 PM
    • 90,406 Posts
    • 57,192 Thanks
    First off, I hadn't realised that MEAFs were being treated in much the same way as PPI nowadays.
    They are not. The issues are very different and on a much smaller scale.

    In simple terms, the exit charges had started creeping upwards. From £50 - £95 - £150 to around £250 typically. There is no problem with the size of any of those fees. However, the regulator decided that the fee at exit should remain the same as it was at the point the last mortgage deal was bought. So, if it was £250 at the start, then it could only be £250 at the end.

    If the lender charged £250 when the fee at the start of the last deal you bought, let's say, £100, then you are entitled to the difference.

    It is important to note that an ERC is not the same as a MEAF.

    Would the FCA be worth a punt?
    The FCA do not handle consumer complaints. You are also likely to be timebarred (under the 3/6 year rules you have 6 years from purchase of the product or 3 years from being reasonably aware of an issue to raise a complaint.
    Last edited by dunstonh; 25-09-2017 at 2:39 PM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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