Northern Rock final payment fees

fattyc

Hi there. we are coming to the end of our fixed rate deal with NR and have successfully got another good deal with the Woolwich. However, when we asked the NR for a final payment figure, they have added on a £1000 fee for "help with costs". They tell me this is a figure which they seemingly gave me when I remortgaged 3 years ago, and if I repay my mortgage before 3 years and 6 months I have to pay them this £1000 back. I think its quite sneaky of them, I cannot recall getting a £1000 payment from them, certainly can't remember them telling me about it, and now that they have increased their rates, making it impossible for us to stay with them, they are going to charge £1000 if I leave them after 3 years when my fixed rate has ended. We have been with them for 8 years in total, never missed a payment, I think they've got a cheek, what do you think? Anyone else come across this, or more importantly how do, can we fight them on this?? Thanks

_Andy_

Nothing sneaky about it - it was in the KFI and mortgage offer that you signed. Nothing to 'fight them' for.

fattyc

Have been through all the paperwork they sent us at the time, and there is definately no mention of this £1000.

teapot2

Hi there have been threads about this before, you might find them if you do a search. KFI is a document illustrating the key facts of your mortgage. We also got 'help with costs' of £700 on our NR mortgage. We didn't actually get the money in our hot little hand, it went towards the bill for the surveyor, solicitor, fees etc etc.

We had a 2 year fixed rate and under Early Repayment Charges ERC would have to give the £700 back if we moved before 18 months in our case. Its all laid out in the mortgage document under ERC section.

There's not much you can do I don't think as you must have agreed to it even if you don't remember.

money-juggler_2

Look for your mortgage offer,which you got when you took out the fixed rate. This document from N.R. lists all the fees and charges for the product.
Also check you mortgage statements, as the £1000 may have been deducted from your mortgage balance.
Ask N.R. for all the data they have on you. This costs £10 (I think) and they have to send it to you to comlpy with the data protection act. Its useful to see what info they hold about you on their sysetms.
If the fee has been added as error, dont pay it! Tell N.R. if fee is not lifted you will go to financial omnibudsan.
I worked for N.R. in 2004 mortgage review and hated it, I left after 2months because I disagreed with their overlending and got sick of customer complaints!