Mortgage Exit Fees successes and failures

Scott

does anyone know the date in 2004 the rbs changed the sealing fee from 75 quid to 225 quid as they are saying its the same month i left them in 2004 but i cant find my paperwork for this motgage anywhere

Increased in July 04 to £100, December 04 to £225.

astro-k

Northern Rock - no.
Abbey - maybe, please fill in this form.
Royal Bank of Scotland - £150 and sorry..!

Wonderful!

hornetgirl

I got in touch with Birmingham Midshires right after seeing the TV show and received a cheque yesterday for £120. :beer: Martin!

Lottie7

Thanks Martin,

Contacted Standard Life Bank regarding our Futureperfect mortgage which had no redemption discharge fee attached to it within the contract. Just received a cheque for just over £208 (for the full amount and including interest)


:j

HUMPHS_2

Hi Martin,

As a direct result of the Tonight program item which discussed the mortgage exit fee refund subject, I contacted my previous mortgage provider the C&G.

I had re-mortgaged twice, the second being to a different provider, and the exit fee I paid to the C&G was as agreed £225. No refund due.

However, the first time I re-mortgaged was effectively from a joint C&G mortgage to a C&G mortgage for myself on the same property. I am now due a £144.65 refund as a result of the raised exit charge (to join the same company!) I had no paperwork for the original re-mortgage and required the C&G to re-trace their records from 2003. The whole process took 5 minutes to complete.

Well done and thank you for the candid and direct advice.



:beer:

MarkyMarkD

Tomlewis007 wrote: »

I sent the letter to northern rock about 3 months ago and they send me a normal reply saying there happy with the fee. so they sent me nothing.

That the fact that Northern Rock have now removed there fee does this mean i can try again?

thanks

-Tom

No. The FSA ruling means that MEAFs are fixed at the level you agreed to when you took out the mortgage. Any subsequent increases (or reductions) for new borrowers have no effect on existing borrowers at all.

BUT if you switched product with Northern Rock, you would THEN qualify for a zero MEAF*.

I'd hesitate to advise doing that for this reason alone - you need to consider the overall costs of switching product. But it's certainly something to bear in mind.

* This is assuming that NR's switcher products indeed carry a zero MEAF. It wouldn't surprise me if NR are making a lot of brouhaha about abandoning MEAFs for new customers whilst keeping them for those borrowers switching products.

MarkyMarkD

Feline-Fan wrote: »

Hi Marky - Sorry, yes, we re-mortgaged to get a better deal with another lender - are now with Scottish Widows. As I say annoyingly have shedded old mortgage papers, so have got no evidence of what we agreed on our original contract - back in Dec '92

The MEAF in 1992 would have been next to nothing so you should get most of the £225 back. But have you seriously been on the same mortgage product for almost 15 years? If you've switched (or taken a further advance), the MEAF will have been updated each time.

MarkyMarkD

Loom wrote: »

Just called the Woolwich/ Barclays, very 'matter of fact' obviously reading from a strict script which you can tell they say a 100 times a day, as it's said in two seconds and all in one breath! Took my old account number and imformed me how much i should of been paid and when, and 'if i'd check i my bank statements i'd find i was paid it!'. He said no more! I asked him why it was a small amount and he said he they are only obliged to give you the difference between what you were quoted at the start of the mortgage (which was sept 2004) and what you actually paid at redemption (which was apr 2007). I felt like a real twit :embarasse and that i had been told in a nice way 'youve had your money now bog off!' He was really rude and ive checked and i had my money but it was just put in my account but no letter or anything to explain what it was, i thought it was a couple of days interest i'd over paid. Not impressed with them at all :mad:

Are you daft or something? Rather than requiring you to make a claim, your lender has automatically refunded you the amount of the overpayment - something which many people on here have been wishing all lenders had done.

You really don't have anything to complain about.

If you had a random amount on your bank statement and didn't ask what it was, that's not their fault surely.

MarkyMarkD

bobtailbabe wrote: »

i have called cheltenem & gloucester about the charges. we bought a new place in sept 2005 and switched mortgages as well i have just been told quite bluntley that because it states in our redemtion fee statement that the fee will be £225 we are not entitled to any refund on the policy ?? any thoughts on this anybody?

I don't understand what you are saying.

Which mortgage did you redeem to incur the MEAF of £225? When did you take it out, and did you switch product before doing so?

bathgatebuyer

£150 back from RBoS after sending off the standard letter! Didn't even know what I was due so made no references to figures in the letter just, "There was a difference in value at the time of the agreement and when I left the mortgage.........." and they've paid up without me needing to trawl through old dcuments in the loft!