Charged £50.00 by TMB for a redemption statement is this reasonable!!

Physio

We are re-mortgaging from TMB to Halifax (both part of the HBOS). Our tie in period ends on 31 July 2008, our "free" legals applied for redemption statement to "the end of the month". Statement to 31 July 2008 contains early repayment penalty of £22,000. Broker had stressed tie in expired end of month. Legals requested another statement which is early repayment penalty free ie the next day 1 Aug 2008, TMB charged £50.00 to final figure, which we are liable fo, for providing another statement. Have tried all day arguing the toss with the legal company and with the TMB re this charge, neither budging. The legal company will not even give us the name of the complaints partner, "as we are not their clients as the Halifax instructed them," yet they are happy to spend money on redemption statements which are charged to our account.

Can I make a valid complaint to the FSA or anyone else about the legal company and about the charges, I know this is another money grabbing extra that the mortgage company is try on. Do any other mortgage company charge for these one piece of A4 statements and is £50.00 justifiable,

Many thanks in anticipation,


Physio

payless

Did you get a questionnaire from solicitor - asking dates - what did you put ?

Physio

Yes we did and put 31 July on it, the end of the tie in period. There argument is they requested redemption for this date, even though broker who was dealing with it stressed tie in ended on the 31st.

Do you think the £50.00 charge is acceptable when no other company charges this can I complain to the FSA

dunstonh

can I complain to the FSA

No. The FSA does not handle complaints at consumer level. You need to complaint into the to the lender via the broker ideally. Indeed, there is a chance you may need to complain to the broker but I would give them a chance to resolve it first before you complain.

Have a word with the broker. They will have copies of everything and that will exonerate the broker and put the onus on the lender to find out why it was done early (assuming it was early - which it may not be. i.e. if you said do it on 31st then they have). If the broker put in 31st and misread it then the complaint needs to go to the broker.

Rabiddog_2

Find out EXACTLY (i.e midnight 31/ etc) when the tie-in period ends. But it would seem they do have you as you filled in the date. £50 as opposed to paying £22,000 is a small amount? I would persevere with this as it does seem excessive and unfair.

payless

diferent slants

A. is TMB fee fair ???

B. Is solicitor at fault - comes down to the way the question was worded.. you say broker stressed date also - who to and where - I find it rare there's an opportuntity to tell the lender and anyway they aren't the one's who planned for 31/7 - or to the solicitors- who would generally work on your instruction not his

payless

If penalty is £22K I am guessing a large loan , is £50 that much of an issue .
( sorry if sounds glib - but your prev posts state you were on self cert before, so guess a big saving)

Did broker explain initial interest- or will that be another "complaint" when you get the letter from Halifax

Physio

Rabiddog wrote: »

Find out EXACTLY (i.e midnight 31/ etc) when the tie-in period ends. But it would seem they do have you as you filled in the date. £50 as opposed to paying £22,000 is a small amount? I would persevere with this as it does seem excessive and unfair.

Tried discussing with the solicitors when the end of the month is, is it 12 midnight on the 31 st. Bit ambiguous letter to write requesting "end of the month" Is the end of the month the begining of the next month, a play on words.

Where are the checks by the solicitors (though they are just a big processing house with low paid processing staff charging big fees, never a "solicitor" involved).No one in their right mind will pay £22,000 to redeem when a few hours later it will cost £nil.

I believe TMB were trying it on originally with there first redemtion statement with the £22,000 penalty knowing full well there was no penalty for the next day, and I requested them to use some discretion and waiver the fee due to the circumstances but they refused.

I agree the "best target" would be the unreasonable fees of TMB butare the TMB charges unreasonable and if so how do I go about making the authorities aware?

Physio

payless wrote: »

If penalty is £22K I am guessing a large loan , is £50 that much of an issue .
( sorry if sounds glib - but your prev posts state you were on self cert before, so guess a big saving)

Did broker explain initial interest- or will that be another "complaint" when you get the letter from Halifax

Sorry if you think Im a serial complainer, not meant to be but not happy with paying, what appears to be a large fee (£50.00) for such little work when no other company charges for the redemption figure.

as for self cert, yes this is still a self cert but we have managed to pay off large chunks recently.

As for the £50.00 every little helps dont you agree.

Dont understand the last sentence, though it appears cinical, applogies if its not meant to be

payless

Halifax don't do self cert!

If your mortgage application was fast tracked - but if requested you would not have had documentary income proof ( hence you calling it still self cert- although don't get me on that one ) to obtain a lower rate then I would not worry about £50.

Physio

payless wrote: »

Halifax don't do self cert!

If you fast tracked a mortgage application that you could not provide documentary proof ( hence calling it still self cert) to obtain a lower rate then I would not worry about £50.

Well this mortgage has been provided to us by our mortgage adviser and I am self employed and have not produced pay slips to him. This is by the by anyway but I do appreciate advice but it appears you are not providing any help but having a go, what for?

We are only seeking opinions and help which is usually great from the users of the site.

Please dont get involved in the thread if you cannot contribute constructively. Again if I have mis-understood your posts I appologise