Repayment fees?

Imposter67

Have just left Santander at end of 2 year fixed deal for a Natwest remortgage and on redemption, was charged £225 repayment fee which I have never heard of?

When I questionned this, I was told it was an admin fee to cover closing the mortgage down, to act on my behalf to release deeds etc

Is this standard when you leave a mortgage provider and if so, is what they give as reasons valid?

Would appreciate comments as feel aggrieved to have given them more blood after all the interest paid over 2 years.

silvercar

There is a sticky at the very top of this board dealing with this issue. If this mortgage is only 2 years old, I suspect the charges were outlined when you took the deal, it is usually only longer mortgages where the charges were much lower when you took the mortgage and shouldn't have been increased.

dunstonh

Have just left Santander at end of 2 year fixed deal for a Natwest remortgage and on redemption, was charged £225 repayment fee which I have never heard of?

it would have been on the key features illustration when you signed up for the product. It may well have been on the offer letter as well.

Is this standard when you leave a mortgage provider and if so, is what they give as reasons valid?

Its a fee that virtually every lender has and has been around for decades.

Would appreciate comments as feel aggrieved to have given them more blood after all the interest paid over 2 years.

Seeing as you agreed to it when you took it out, its hard to see how you can complain about it now.

_Andy_

Imposter67 wrote: »

Have just left Santander at end of 2 year fixed deal for a Natwest remortgage and on redemption, was charged £225 repayment fee which I have never heard of?

When I questionned this, I was told it was an admin fee to cover closing the mortgage down, to act on my behalf to release deeds etc

Is this standard when you leave a mortgage provider and if so, is what they give as reasons valid?

Would appreciate comments as feel aggrieved to have given them more blood after all the interest paid over 2 years.

the 225 would've been in your KFI and offer letter. Nothing to reclaim here

Thrugelmir

Imposter67 wrote: »

Would appreciate comments as feel aggrieved to have given them more blood after all the interest paid over 2 years.

A cost that gets overlooked when switching mortgage lenders.

Better to take longer term deals as over the term of a mortgage paying fees mounts up. Sometimes better just to repay the mortgage quicker thereby saving interest.