Mortgate Exit / Redemption Fee

8LUNNST

Santander charge £225 if we switch to another lender........guess most of them charge around that now. Still a lot just for closing it off. Actually it is not called an exit fee anymore, but a "Mortgage Account Fee" (cost of administering the mortgage). Like a deferred arrangement fee I guess. You would think the initial booking fee for the fixed rate would have covered that (and all the interest paid)...........

Any success in avoiding these charges (or claiming them back)? I know some people have when the exit fee was different from the original fee stated in the terms and conditions. As it is now known as an Account Fee wonder if that makes it more difficult?

kingstreet

Check your original paperwork. As long as the fee is the same as what you were quoted at the outset, it doesn't matter what they decide to call it. I still call it a deeds release and discharge fee, despite there being no real need for deeds these days.

dunstonh

Santander charge £225 if we switch to another lender........guess most of them charge around that now.

Now as in the last 20 years. Figures around £200 have been there for at least 15 years.

Any success in avoiding these charges (or claiming them back)?

Only if they charge a different amount at the end from that agreed at the start (or last deal you bought)

As it is now known as an Account Fee wonder if that makes it more difficult?

They could call the fee chocolate bunny if they wanted to but the name doesnt matter.