Subprime Lenders Exit Fees

Hi, can anyone out there help me!! Before my last property was repossessed because the subprime lender refused to help us, we had remortgaged a couple of times through subprime lenders. Each time there was an exit fee of £7500 - 8000. Can we reclaim these fees too?

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  • dunstonh
    dunstonh Posts: 115,904
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    Can we reclaim these fees too?

    No.

    Those charges would be early repayment charges. They are considered fair and legal and exist for good reason.

    The choice to re mortgage each time was yours and if you entered a deal with a tie in period and then didnt honour that period, then you face the consequences of that.

    Its a bit similar to mobile phones giving you the phone but you being tied in for 2 years or sky giving you the digibox but again being tied in. If you leave in the tie in period you pay the agreed penalty.
    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.
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