Mortgage Exit Fee Question

Charis

I posted this earlier today on existing thread but there is so much arguing going on there that my post become buried, so I am posting again in the hope that someone will answer.

I am hoping to pay back my mortgage early, in December this year. I read Martin's article about checking the exit fee in your existing contract, however I can find no fee in my mortgage documents.

I phoned the head office of the BS and was told it would be £90, and that the figure appears on my annual statement. I have six statements, only the last four have a figure. In 2004 it was £180, in the next three years it was £225. I don't expect another before I pay it off.

On Martin's list the figure for C&G for the year in question (2002) was £50. I have searched all the paperwork relevant to the mortgage and an exit fee is not mentioned. In the 'Mortgage Handbook' there is a brief statement to the effect that a fee may be charged but no figure given. The girl who I spoke to told me that it was in 'a leaflet' I had with the mortgage. Should the exit fee have been included on Mortgage loan agreement? If not, how do I find out what it should be?

Toughluck

Listen. The exit fee at the time you took the mortgage out to what it is now, you "may" be able to claim the difference with C&G. I did and I work in the industry. Also C&G products now do not charge for exit fees if the product was taken at a specifict time. Just ask them and I think they'd waive some of the fee for you.

Charis

Toughluck wrote: »

Listen. The exit fee at the time you took the mortgage out to what it is now, you "may" be able to claim the difference with C&G. I did and I work in the industry. Also C&G products now do not charge for exit fees if the product was taken at a specifict time. Just ask them and I think they'd waive some of the fee for you.

I am quite prepared to pay the going rate for the product I took out. However it is not clear from the mortgage paperwork that there ever was a fee and I have been quoted three different figures over the years. Martins source shows a different figure again. I only wanted to find out what I should be paying and since Martin has made a special point of drawing our attention to the subject I thought I would enquire.