We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Vacating Fee - another con ?...can it be avoided ?
Options

mikeyw
Posts: 227 Forumite
Just had my Mortgage redemption statement from my lendor as a thank-you for my business they are kind enough to charge me a £150 vacating fee !
Is this standard practice for all lendors - how can they justify this when effectively they'll be doing sod all bar closing an account
Is there anyway around this ?
So we are charged lots of fees to take the product, plenty of interest when using the product and a fee at the end for using the product......wonderfull :T ...how on earth do they get away with it :rotfl:
TIA,
Mike
Is this standard practice for all lendors - how can they justify this when effectively they'll be doing sod all bar closing an account

Is there anyway around this ?
So we are charged lots of fees to take the product, plenty of interest when using the product and a fee at the end for using the product......wonderfull :T ...how on earth do they get away with it :rotfl:
TIA,
Mike
0
Comments
-
£150 is towards the lower end of what lenders charge for redemption of a mortgage - A&L charge £295 and quite a few others not far short of that!
If you've got the original paperwork from when you took out the mortgage have a shufty and see what the key facts document says about redemption fees. It will be mentioned as all lenders seem to charge something, though not always if you've come to the end of the mortgage rather than remortgaged to another lender.
If it's increased during the time you had the mortgage then they're probably on a sticky wicket to try to get more from you, most folks just shrug their shoulders and let them get away with it. You can write and complain, though you'll probably be refused on the first letter so persevere and and ask for a deadlock letter to take them to the FOS. Most times the lender will cave in and reduce, or sometimes - not often - waive the fee altogether. If it hasn't changed then you've not got as good a case but they might just reduce it anyway if you keep at them!
In fairness there is some work involved for the lender as they have to fill in Land Registry forms removing the legal charge and often retrieve and return your paper deeds if they hold them. Not worth what they charge though IMO.0 -
Saw Martin on Breakfast TV this morning argueing the case for contesting unfair Bank Charges.
I reckon he'd do a good job on this unfair charge as well if he got his teeth into it !!!
Martin - fancy another challenge ??0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards