Redemption administration charge... £295!

ericthekidstoner

I recently re-mortgaged bc my discounted (and tie-in) period expired, going from Alliance & Leicester to Nationwide.

Received an invoice through Nationwide from A&L for £295... "Redemption Administration Charge"

Rung up customer services and was pointed to the T&C's booklet (not the production description letter/package which was presented and sold to me years ago). The booklet says:

22.1 Examples of our expenses include all costs and expenses which we incur... in discharging or transferring the mortgage;

...

22.2 You must pay us all the expenses in full, unless you show that:
(a) we incurred them unreasonably; or
(b) the amount is unreasonable

Is this legit? (this is the first time I've re-mortgaged so never been through this kinda transaction... got the feeling that this is a parting shot from A&L for leaving!)

Is £295 under/over the market norm?

regularsaver1

normal for A&L

other examples are £175, think Nationwide charge £95 though -0 should say on your KFI

herbiesjp

Have a look at this thread:

http://forums.moneysavingexpert.com/showthread.html?t=100358

I think it has a lot of good pointers for you

HTH

Joe_Bloggs

Check out the links on the BBC page here. It is an often discussed topic.
I can recall lisyloo getting her own way with A&L.
J_B.