The race to be in for Christmas!

lewolf

lynzpower wrote:

thats how I feel too. Stuff It, Ill get it sold then deal with the money side of things later.

I just hadan illuminating convo with mum, I bassiclaly said if we exchange this week , we'll complete first week of january. I simply dont tihnk its feasible for us to move this week anyway. Even if it was I really dont think id want to

If we exchange I'll do as much packing & cleaning as poss before Friday then Im officially "off" and back in business once my sols open again.

It looks like we are at the same stage. Tomorrow all hell is let loose to get exchange in our chain. The phone is going to be red hot. But I know our earliset completion is 2nd January because our Sols close thisThursday until the 2nd Jan.

Good luck Lynz

lynzpower

Rachman wrote:

Deeds fee is not the same as an admin fee for early redemption - they charge you the deeds fee for 'getting the docs from their registry and sending them to your solicitor' - the admin fee for early redemption is separate from that.

What I don't understand is how people expect to be able to have such low margin interest and then think their lender won't want it back in fees if you go to them for a while to take advantage of a deal then move at the end of it to another one - don't people cost these in at the start (app fees, survey fees, conveyancing, redemption admin fees and the like) and work out what it will cost them rather than getting a 'shock' caused by their not reading the stuff in the first place.....

Actually, I never said that. I purposely delayed selling until I was out of my fixed period. I have phoned the Abbey on 4 seperate occasions. they confimred every time that there would be no early redemption fee after the 4th of december, and I delayed marketing my flat on the back of this.

I dont dispute any early redemption fees, I got a reduced price product, I understand they go with the territory. What I do object to as a moneysaver is being charged 225 for the admin of closing my mortgage. I know people have claimed these as an unfair term and I inted to do the same.

The last time I looked this isnt moneywastingexpert.com

silvercar

After our mortgage was technically redeemed but actually just moved to the new house, same mortgage company and same product (just larger amount), we were charged £250 redemption fee. 10 days after we moved in I received a cheque from them refunding it; unbeknown to us, our solicitor had written to them claiming it was unfair!

Poppycat

Surely a financial advisor should be telling the customer of all charges and also telling them in the key facts what costs involved

The key facts I got clearly stated £25 insurance charge if not taken out with them, I took out insurance with them and they still attempt to charge me.

The £99 fee to taking the mortgage also increased to £599, again I was only told many weeks later and ONLY when I had committed financially.

I am going to challenge them along with my old mortgage redemption as I wasnt ever informed of a charge of £175, there seems to be a common theme here, banks cant be trusted.

Rachman wrote:

What I don't understand is how people expect to be able to have such low margin interest and then think their lender won't want it back in fees if you go to them for a while to take advantage of a deal then move at the end of it to another one - don't people cost these in at the start (app fees, survey fees, conveyancing, redemption admin fees and the like) and work out what it will cost them rather than getting a 'shock' caused by their not reading the stuff in the first place.....

Madjock

If you still have your old mortgage offer for the last lender, it will be there, possibly a different amount, but it will be there. As already mentioned, banks will ALWAYS find ways to make money off you. I don't know what the legal position is as far as suing the bak over redemption charges, as when you sign a mortgage offer, you're accepting the terms and conditions therein.
The insurance charge is "admin" for paperwork they have to do. Most times you are still much better off sucking it up, as lenders' b/ins is very often expensive.

Rachman_2

lynzpower wrote:

Actually, I never said that. I purposely delayed selling until I was out of my fixed period. I have phoned the Abbey on 4 seperate occasions. they confimred every time that there would be no early redemption fee after the 4th of december, and I delayed marketing my flat on the back of this.

Sorry, Lynz, I am not sure I am making myself clear, by early termination, I meant prior to the planned final day of the mortgage, not the expiry of the redemption tie in period (the shorter one). E.g. if you take out a 25 year mortgage with a two year tie in in 2004, and redeem it on Jan 1 2007, you have still redeemed it early - though outside the redemption tie in period - it's this early redemption the fee relates to. The devil is probably in the nomenclature - but the bottom line is, if you redeem before the scheduled end date, you will get hit for this fee.....

And as for an unfair term, it's a mortgage deed and you had a solicitor look at it - you agreed he would act for both you and the bank - or 99% of us do, how can it be unfair ? I don't mean this the wrong way, but do people not read their mortgage offer and terms and conditions from cover to cover before signing to find out what's in it - if so, why not ? [I guess you will say because you are paying a solicitor to do your conveyancing - correct, but he's not a mortgage advisor, he's a solicitor acting for two clients - the bank and you - you are paying him to do the legal work, not the numbers.... that's usually your own concern...]

hex2

Just to say best of luck for today everyone.

We complete on Wednesday and we are busy with packing, and cleaning.

Lynz, I fully see where you are coming from but the admin fee on early exit will have been mentioned in some small print somewhere in your original mortgage offer. Early exit is defined as anything less than the original 25 year period, rather than just the tie in for a discount. They should have told you when you asked, but it would depend on how you worded your question - no early redemtion fees relating to the tie in, but normal exit fees for ending a mortgage (however unfair they are) should have been the answer.

lynzpower

Oh I see what you mean now

In any case Ill see how lawful it is. I have heard of plenty of people getting these charges waived witohut going down the bank charges route, so as they say, shy bairns get nowt I wont leave the stone unturned just in case

Another busy one today, lots of Xmas errands.

Happy packing hex :beer:

silvercar

These final redemption fees used to be £20-£30, then suddenly they increased to £200+. The successful claims have been on the basis that original documentation showed a fee of say £25; it would be reasonable to expect this to increase slightly year on year, what is unreasonable is the massive hike of £200. These are the amounts that people have got back when challenged, all based on the fact that they bear no relation to the original documentation.

Rachman_2

silvercar wrote:

These final redemption fees used to be £20-£30, then suddenly they increased to £200+. The successful claims have been on the basis that original documentation showed a fee of say £25; it would be reasonable to expect this to increase slightly year on year, what is unreasonable is the massive hike of £200. These are the amounts that people have got back when challenged, all based on the fact that they bear no relation to the original documentation.

Silvercar - and at that time, lenders made margin on the interest - they don't now - where do you expect them to make a profit ?

Plus, the documents give the option to up the fee - when they do, why are you surprised ?