Closing Admin Fee

alias7

silvercar wrote:

We were redeeming one mortgage and taking out a larger mortgage with them. The original mortgage was portable but they included the charge in the redemption statement. Three weeks after we moved they sent us a cheque for the full amount. We hadn't written to complain at that point, so I'm guessing my solicitor had done so.

Hi,

I work for Abbey as a mortgage advisor.

The £225 repayment fee is always applied to redemption statements, because it is a legal document to show the amount required to redeem a mortgage.

In some cases which I have dealt with, certain advisors have removed the £225 fee because a customer was porting to a new mortgage. They would then complete a new mortgage for a lesser amount, meaning that the £225 would stand. So if the £225 fee is not on the redemption statement, the customers are not obliged to pay it.

Now the £225 fee is always added to the redemption statement and needs to be payed on redemption. It is automatically refunded once the new mortgage has completed under the specified T&C's.

A little inside tip. If you redeem your mortgage with Abbey, always use Abbey's solicitors to deal with the discharge of the mortgage. The £225 fee includes your deeds handling fee, mortgage administration AND all legal work. Don't pay for a solicitor because you get it free with Abbey.

Sooler

alias7 wrote:

Don't pay for a solicitor because you get it free with Abbey.

No you don't - you're being fleeced for £225

Stewboy1978

Is this fee not to stop people going from one lender to another on a regular basis like happens with Credit cards?

givemeabreak_2

Have just read the Daily Mail online, there is a report that the FSA have said they think the mortgage exit fees are too high and are advising people to complain and reclaim these charges, if not they will be fining them, you might want to tell your BS that you will be contacting the FSA about the charge and see what they say? Good luck.

mountainofdebt

alias7 wrote:

The £225 fee includes your deeds handling fee, mortgage administration AND all legal work. Don't pay for a solicitor because you get it free with Abbey.

Can someone tell me what administration costs are involved apart from the computer generated statement I get......which I 've received in March every year for the last 3 years?

4$£&*(£$&*(!

I saw the model letter on This Is Money, and have filled it in today. My mortgage was with the Halifax, who charged me £150 exit fee plus £50 deeds transfer when I remortgaged last year. After going through all my paperwork, I can't see where it is mentioned when I joined Halifax that these fees would be payable - the only fees that are mentioned are the early repayment fees.

So I've written the letter asking for £150+£50 back as per the model letter on that website, let's keep fingers crossed and see!

herbiesjp

alias7 wrote:

Hi,

I work for Abbey as a mortgage advisor.

The £225 repayment fee is always applied to redemption statements, because it is a legal document to show the amount required to redeem a mortgage.

In some cases which I have dealt with, certain advisors have removed the £225 fee because a customer was porting to a new mortgage. They would then complete a new mortgage for a lesser amount, meaning that the £225 would stand. So if the £225 fee is not on the redemption statement, the customers are not obliged to pay it.

Now the £225 fee is always added to the redemption statement and needs to be payed on redemption. It is automatically refunded once the new mortgage has completed under the specified T&C's.

A little inside tip. If you redeem your mortgage with Abbey, always use Abbey's solicitors to deal with the discharge of the mortgage. The £225 fee includes your deeds handling fee, mortgage administration AND all legal work. Don't pay for a solicitor because you get it free with Abbey.

Are you sure it is £225 for a redemption statement?

Are you sure the £225 fee is not the closing fee?

horace_2

>> dunstonh

Margins are tight on lending and some are not making any profit in an attempt to buy market share. They aim to profit on the cross selling of products

I suppose that you also believe in Hans Christian Andersen?

horace

millsy1980

horace wrote:

>> dunstonh



I suppose that you also believe in Hans Christian Andersen?

horace

Believe it or not, there is some mileage in what dunstonh says.

horace_2

>> millsy1980

I do not believe what you say.

Can you post chapter and verse to support your stance? If you can I will be open to persuasion.

If you can`t shut up..

horace