Mortgage Exit Fees successes and failures

guidodarezzo

HAPPY TO REPORT A SUCCESS WITH ABBEY.

REMORTGAGED A YEAR AND A HALF AGO FROM ABBEY AND HAD TO PAY £225 EXIT FEE. ORIGINAL PAPERWORK STATED £99.00 EXIT FEE.

I COMPLAINED AND THE RESULTS WERE AS FOLLOWS:

I WAS INITIALLY OFFERED £126.00 BUT I WROTE BACK AND COMPLAINED THAT I WANTED LOST INTEREST ON THAT AMOUNT (DATING BACK A YEAR AND A HALF) AND A COMPENSATORY FEE FOR MY TROUBLE (PHONE CALLS AND LETTER)

I RECEIVED A CHEQUE TODAY FOR £148.00!

IT'S ONLY A PITY THAT THESE FINANCIAL INSTITUTIONS ARE NOT FORCED IN THE FIRST INSTANCE TO PAY US BACK WITHOUT HAVING TO FILL OUT FORMS AND SECONDLY THAT THEY ARE NOT FORCED TO INCLUDE LOST INTEREST.

REMEMBER - ASK FOR LOST INTEREST BACK TOO
ASK FOR COMPENSATION FOR YOUR TIME/STAMPS ETC.

HOPE THIS HELPS ANYONE THINKING OF CLAIMING.

GuidoDarezzo

stripebird

I was moving home and porting my mortgage with the Halifax. Nothing had changed with my income etc. but they said due to affordability they would only allow me to lend 134K even though my existing mortgage was 155K, I had requested to borrow the same amount. I ported my mortgage with the Halifax but because I was borrowing less 134K (through no fault of my own) I was penalised for this at a cost of £600+ which I had to pay :mad: . Could someone advise me if they were within their rights to have charged me this extra amount?

I hope someone can shed some light...

Thanks,

StripeBird x :rolleyes:

MarkyMarkD

Your charge was a partial Early Repayment Charge (ERC) and not an MEAF - therefore it's outside the scope of this thread, and the FSA's ruling, and there's no entitlement to any reclaim/refund.

I've posted elsewhere - but you are new so you won't have seen it - that portability is a dubious privilege. Whenever lenders don't allow you to port your product - in full or in part - they are entitled to charge you an ERC.

If nothing at all had changed, with respect to your income and all your financial commitments, I think you should have appealed the underwriting decision with Halifax at the time as it seems most unreasonable. A £21k reduction is scarcely insignificant!

Crown

Martin, A Big Thank you!

After watching your video via last weeks email I today telephoned and spoke to GE Money Who we held a account with in 2003. Told them that I was aware of the the FSA ruling and she said that she would check. They came back within 2 minutes and told me that they will be sending me a cheque for £94.58 as we were charged £200. I have also asked for copies of the paperwork as I only have there word that was the figure and it seems that they cant be trusted!

What has amazed me with this is the ease of reclaiming it. not one letter was needed and they just said "ok, fair cop.. heres your money.."

If you are thinking about reclaiming just phone them... it took me 10-15 minutes in total and I got nearly £100 what isnt bad for that amount of work lol

mandyw_3

:T Ive just spoken to London Mortgage Company about the £150.00 we were charged recently, I have been told we are due £75.00 rebate for an overcharge!!!!!

hazel_rabbit

Banked cheque for £125 today. MEAF refund. Thanks Martin. Hazel Rabbit

hazel_rabbit

Martin,
My cousin who has a property in Aukland New Zealand, quoted your site and campaign and they immediately reduced her exit fees to the original as per her original contract. Thanks again
Hazel Rabbit

Mama_Mulk

Had a mortgage with C&G over two years ago. Checked out our old paperwork, turned out they had charged us £225 MEAF. Contacted them by post, got a cheque back for £135.20 (this included interest!!!) and a lovely letter too!
Following this sites advice and reading forums etc. I would advise anyone to give it a go.
Thanks Martin.:T

p.s. My mother and father in law have also been successful - they got all the fee back. :beer:

Rags2Riches_3

Just phoned Woolwich/Barclay's using MSE guide for reclaiming exit fees - RESULT!! So easy two min phone call = £138! Thank you Martin:T

lulupense

I redeemed my mortgage with Northern Rock last November, recently noticed Martin's article re Mortgage exit fees so sent a letter off requesting they refund £250.00. First response was no :mad: sent another letter, second response was no :rolleyes: Then I saw an article on the BBC website that said Northern Rock (among quite a few others) had scrapped their exit fees. So I sent another letter to Northern Rock pointing this out and suggesting I would go to the FSA. Guess what - they are sending me a cheque for £250.00.
:j:j:j:D:D
Thank you Martin, yet again. You have made me so much dosh this year you deserve a medal :T

:money:

PS - this was my entire MEAF, they have agreed to pay because before I redeemed they sent the redemption statement to my solicitor and no copy to me, I think they are scared I will make a big fuss about that and they will have to pay out more money. DON'T DARE ME!!