Mortgage Exit Fees successes and failures

chirpy007

Finally got round to doing mine £90 plus £14.85 interest. No problems, didnt really even have to ask for it.:T :T :T :T :T thanks Mr M

One question, i had a sub account on my main mortgage but she said that was all included and i hadnt been charged twice. Does that sound about right.

esmeweatherwax_2

I had a mortgage with the Halifax with a £40 early redemption administrative fee - in the event they charged me £175:00. I had no papers, but when I rang I found they even have a slot on a menu for this; they immediately looked up the figures and I now have a refund of £135:00. They have a 28day turn around for this, but I got the cheque in less time. Go for it if you are in a similar position!

Paula04

I saw Martin on LK Today last week and phoned my old mortgage company. I received a letter the next day which said they were looking into my enquiry and would get back to me within four weeks. Two days later I received a cheque for £250 - how great is that!

Thanks a million Martin

Flossie2

Husband had a mortgage with Woolwich for 2 years fixed. We then borrowed more (joint mortgage) on a variable rate for just a month at the end of 2006, then went to Nationwide.
Have received a letter from Woolwich saying that

"the redemption charge applicable will be calculated as at the inception date of your mortgage. As your mortgage opened in October 2006 the Final Repayment charge is £275, therefore no refund is available."

I'm really confused

bertifi

I just wanted to pass on thanks to Martin for his tips. I followed the advice about the mortgage fees - sent a letter to TSB 5 days ago - received a letter this morning advising that they have looked at my enquiry and they are pleased to confirm that a refund is due of £134.59 and it will be sent shortly! Success! They have also included interest accrued on this amount based on the bank of england base rate plus 1% from the day the account was closed.
I have accepted their apologies for the inconvenience but i wonder how many people dont realise they could be due a refund of something.
It is true what they say if you dont ask you dont get and for the price of a 1st class stamp we have done well!
thanks again

:j

kev_Yorks

Hi everyone
Got to report a success, received a cheque for £125 from Bradford and Bingley this morning, took about 2 weeks in total. :T
Thanks to MSE for raising this issue.
Going for bank charges now.

Kev

MarkyMarkD

@leafgermaine - no it wouldn't be a good idea if people could reclaim up-front mortgage fees, as lenders would then charge higher rates and you wouldn't save anything overall. You have the option of fee-free mortgages, from many lenders, if you want them.

@chirpy007 - most lenders (but not all) charge only one MEAF when you redeem even if you have more than one sub-account. So your lender is probably correct.

@flossie2 - what is confusing you? Martin's original article points out that the FSA ruling states that it's the LAST MEAF that you agreed which matters - and switching products or taking a further advance involves accepting their latest MEAF. Your one month product switch/further advance (not sure from your post but I think it's further advance) might have cost you dearly.

mg60uk

Thanks to your advice We are now £234 better off. I used your letter template, worked out the interest and asked for £216 from The A&L, I only had to wait 10 days before I received the £234 cheque. I've told loads of people about claiming but sofar no one has taken my advice, FOOLS!

Flossie2

MarkyMarkD,
We left Woolwich in Nov 2006, to go to Nationwide. Do I not get the exit fee from Woolwich then??? (I'm not 'money person'!)

Badger_the_DC

We were charged £225 exit fee 2 years ago when we wanted to borrow more money from Abbey. We wrote recently wrote to complain and they refunded £126 say that at the time we took out the initial mortgage the fee was only £99. So I wrote again saying that to charge us £99 redemption fee when increasing our mortgage, with the same company, was grossly unfair and morally wrong.
Abbey replied saying that although they did not agree they would refund the £99, which they did.