Exit Fee!

silvertop53

I have just been informed by A and L that they want £195 "administration fee" to close my mortage account. I only owe £3.182.
I find this extortionate. Any advice would be welcome.

Thanks.

_Andy_

Why is it 'extortionate'?
The fee would have been detailed on your mortgage offer letter.

dunstonh

I find this extortionate.

Why did you agree to take out the mortgage in the first place with then?

A&L have never hidden their exit charges and indeed used to use it as a marketing tool as they would waive it each time you bought a new deal. Therefore only charging it on full redemption. It was also costed in with the deal you bought as part of the overall pricing.

rsykes2000

silvertop53 wrote: »

I have just been informed by A and L that they want £195 "administration fee" to close my mortage account. I only owe £3.182.
I find this extortionate. Any advice would be welcome.

Thanks.

Why does it matter how much you owe - the fee would be the same if you were paying off 100K as it would 1K. You would have been told the fee when you signed up for the mortgage and unless it has changed since then, you have no reason to complain as you signed agreeing with it.