Reclaiming hidden mortgage charges ???

janfizz

Hi , I'm new on here so firstly I hope I'm posting on the correct forum !!!
Basically I had a call a couple of weeks back asking how we went about getting our mortgage,when I explained it was through the right to buy scheme ,I was told we were probably paying for hidden charges within our mortgage,(solicitors fees,arrangement etc)They took a few basic details + said they'd look into it.
On Friday last week they rang backsaying they thought we were in with a chance of reclaiming from our lender (GEmoney) who they said had been fined thousands of pounds for hidden arrangement fees.
I was asked if we wanted to try to claim back any monies,she wanted a few more details,I asked how much it would cost me,she replied £199,which would be refunded if they didn't reclaim anything for us.
She told me to set this up they needed bank card details,(with a convenient date to take money ie payday)I told her I would have to wait to discuss with my partner + I would ring her on Monday if we wanted to proceed.
On Monday she rang to get the bank details,I said we wouldn't give them to anyone ,if she could send the paperwork first + we were happy we would proceed. She said it was computer generated + wouldn't be sent til all info was given,to which i said well no info no details.
Then she said we could pay by paypal,+ she would email the details of there account.
I have checked my mail again this AM,still no email from them.
I'm so glad i wasn't caught up in her promises, to have given out my card details (which i never do ) As it now seems this is a scam promising something + taking all your money.
The company claimed to be called 'Cavendish holding' when i googled it ,it didn't seem to be the same company. She left a contact number which i just rang to be told it is not in service.

dunstonh

,I was told we were probably paying for hidden charges within our mortgage,(solicitors fees,arrangement etc)They took a few basic details + said they'd look into it.

There are no hidden charges on mortgages. It is one of the cleanest contracts as far as knowing what you are paying and getting.

On Friday last week they rang backsaying they thought we were in with a chance of reclaiming from our lender (GEmoney) who they said had been fined thousands of pounds for hidden arrangement fees.

They were fined but not for that. They were also told by the FSA to rectify all those that had errors and they have done so.

So, it looks like you have had a lucky escape and saved yourself £199. Unfortunatly, many of these cold calling people are scams. Even some of those that have MoJ authorisation are more interested in getting the up front payment rather than telling the truth. Cartel (the biggest failure to date) took over £30 million pounds in up front fees which were apparently refundable. However, those that paid wont get a penny back.

janfizz

Thanks, I can't believe I was nearly sucked in by them,I'm usually so good at giving any info,they were very convincing and the fact I couldn't find my original mortgage documents,I did wonder if we'd overpaid ,so much so I rang the lenders to ask for a copy of the original mortgage(we since swapped mortgage)
I feel had I of given card details + date of wages we would of lost more than £199.

lee_h80

Is this definitely right? I live in the same town as Cavendish Holden and even know a few people that work there. I am tempted to give it a go as my broker did seem to rip me off a bit. Its all about reclaiming from the Broker not your mortgage lender.

Any solid evidence why I shouldn't?

lee_h80

you can't find the website as you have the name wrong. its Cavendish Holden. someone please check this out and let me know

dunstonh

Is this definitely right? I live in the same town as Cavendish Holden and even know a few people that work there. I am tempted to give it a go as my broker did seem to rip me off a bit. Its all about reclaiming from the Broker not your mortgage lender.

If that is the case then its a almost certainly a complete waste of time.

To date, there has only been one successful case on that front. The only reason it was successful was because the broker was independent and took a fee and a commission and didnt disclose the commission amount. Had the commission been disclosed, the case would have been lost. Had it been fee only or commission only, the case would have been lost. The court ruled the commission should be repaid. Which was about £250 IIRC.

Most claims companies dont even bother as the average mortgage commission is about 0.3% of amount borrowed. So, any payment is likely to be about the same as the upfront charge. Plus, most mortgage advisers either charge (and rebate commision), dont charge and keep commission or do both but disclose it. All of those are ok. Its only the rare cases where its both with no disclosure.

ashleypride

lee_h80 wrote: »

Is this definitely right? I live in the same town as Cavendish Holden and even know a few people that work there. I am tempted to give it a go as my broker did seem to rip me off a bit. Its all about reclaiming from the Broker not your mortgage lender.

Any solid evidence why I shouldn't?

Any solid evidence why you should?

dunstonh

The court case by the way was Wilson v Hurstanger Ltd

I just did a search and have found at least one claims company highlighting that case. Indeed,the first one on the list from google mentions the case but then tells you that you can claim back all sorts of unrelated fees and "secret commissions" because of that case. Yet that is not what the case said and not what the outcome of that case was. The dodgy claims company says "This includes: any broker commissions (disclosed or otherwise), arrangement/set up fees, administration fees etc plus 8% statutory interest (these fees should all be found on the signed mortgage/secured loan agreement)." That is wrong, and I bolded the part about disclosed or otherwise as Wilson v Hurstanger Ltd was all about non-disclosure of the commission when a fee was paid.

janfizz

@lee_h80
Sorry you are correct it is Cavendish Holden,when I googled it last week I could only find 'holdings'. The phone number is the same,but if they're genuine,she never sent an email or answered the phone I got an operator telling me it's out of service or unobtainable.