MSE News: Reclaim unfair mortgage arrears fees, FSA says

VIGILANT22

kennethdavies wrote: »

back in 2007 i recieved a purchase order for a property that was repossessed in 1994 up until 2006 i had no contact from the building society however i was on the electoral role for all the time between 1994 and 2006 surely this is over the seven years can i challenge them over the purchase order as the original ammount was £13685 shortfall when the property was sold but now with thier charges and court costs it has risen to £18525 azn it is registered as a ccj

Under the Limitations Act 1980 in England and Wales, mortgage lenders can chase a mortgage debt up until 12 years , in Scotland, the period is 20 years.

neroxx

Appreciate this is mainly about fees while you have the mortgage, but does anyone know if you can claim exit fees if you decide to switch lenders. Sometimes, this can run into the hundreds of pounds too.
(Possibly called MEAF fees, but not fully sure). Thanks:think:

[Deleted User]

neroxx wrote: »

Appreciate this is mainly about fees while you have the mortgage, but does anyone know if you can claim exit fees if you decide to switch lenders. Sometimes, this can run into the hundreds of pounds too.
(Possibly called MEAF fees, but not fully sure). Thanks:think:

I think you can only claim the difference if the MEAF has increased while you've been on the mortgage. For claiming against previous loans the statute of limitations applies. Some lenders will let you go back further though. I managed to claim from A&L for a mortgage that had ended 9 years previously.

gandy666

Hi Guys

I'm a newbie on this site. Hopefully you can give me some advice on this subject.

I've been paying my mortgage for a few years now and have also been overpaying by the maximum amount per month, which is 'charge free'.

I also paid in a couple of lump sums payments, for which I was charged 3% of the total interest for the priviledge. Not exactly encouraging me to pay my mortgage off any quicker. This interest only applied in the first two years of the mortgage, however could this be deemed an unfair charge and do you think I have a case for reclaiming what added up to about 3 grand?

I signed the mortgage and this was obviously in the small print, but surely I should not be penalised for trying to clear the debt quicker?


thanks in advance

_Andy_

gandy666 wrote: »

Hi Guys

I'm a newbie on this site. Hopefully you can give me some advice on this subject.

I've been paying my mortgage for a few years now and have also been overpaying by the maximum amount per month, which is 'charge free'.

I also paid in a couple of lump sums payments, for which I was charged 3% of the total interest for the priviledge. Not exactly encouraging me to pay my mortgage off any quicker. This interest only applied in the first two years of the mortgage, however could this be deemed an unfair charge and do you think I have a case for reclaiming what added up to about 3 grand?

I signed the mortgage and this was obviously in the small print, but surely I should not be penalised for trying to clear the debt quicker?


thanks in advance

Nothing unfair about it at all.
Early repayment charges would've been detailed in the KFI and offer letter (nothing 'small print' about it).

camkick

I rang GMAC today to ask about fees to be told there is no way I can claim anything back as I closed my mortgage with them in 2001. Is this right I thought there was a 12 year limitation claim on morgages....

VIGILANT22

neroxx wrote: »

Appreciate this is mainly about fees while you have the mortgage, but does anyone know if you can claim exit fees if you decide to switch lenders. Sometimes, this can run into the hundreds of pounds too.
(Possibly called MEAF fees, but not fully sure). Thanks:think:

MEAF fees = mortgage exit fees..........switching mortgage or paying in full ....same thing

VIGILANT22

camkick wrote: »

I rang GMAC today to ask about fees to be told there is no way I can claim anything back as I closed my mortgage with them in 2001. Is this right I thought there was a 12 year limitation claim on morgages....

....[/QUOTE]"Is this right I thought there was a 12 year limitation claim on morgages"

Where did you learn this from?

cozzie

camkick wrote: »

told there is no way I can claim anything back as I closed my mortgage with them

Good point.... My OH remortgaged a couple of years ago, so, can we only claim against the current mortgage lender? And, if we do, he is worried about whether or not they may ask him to take his business elsewhere - Can they do that?

Thanks in advance.

VIGILANT22

cozzie wrote: »

Good point.... My OH remortgaged a couple of years ago, so, can we only claim against the current mortgage lender? And, if we do, he is worried about whether or not they may ask him to take his business elsewhere - Can they do that? Thanks in advance.

What exactly are you going to claim against current lender for?