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Mortgage Arrears Charges
Ray_Rook
Posts: 1 Newbie
Can the various charges for letters @£40 a time be challanged in the same way that credit card and bank charges are being challenged
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Comments
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no, the costs are set out in the terms & conditions at the outset of your mortgage and a reminder is sent to you with evry annual statementI am a Whole of Market Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Well the bank charges are also in the terms and conditions, but it doesn't make them fair or lawful.
I would have thought it would be in the same area to challenge not sure I have seen a case go forward though.
Worth a letter to the bank and push through to the ombudsman if required.
ali x"Overthinking every little thing
Acknowledge the bell you cant unring"0 -
There has been very little success in this area as the charges for these are documented as admin and service charges rather than penalty charges. It is the wording of the charges and the level of work undertaken with that charge that has been the issue with overdrafts. That makes it different with arrears charges which are managed as you are being charged for time spent.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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