Mortgage Exit Fees successes and failures

coddie

We left Bradford & BIngley in 2004 after 10 years and paid £140 sealing fee.Rang them today and they are referring anyone who contacts them to a department dealing with this issue who will contact you back by letter within 21 days with regards to any refund due.will post back with the outcome.

MarkyMarkD

Felix2 wrote:

Llyds TSB

Hello there

Hope you can help. I was interested to hear that there was a FSA announcment about exit charges when closing your mortgage. I printed off the template from moneysavingexpert.com and sent this off. In the letter I stated I no longer had the account details and requested what the fee increase was. 10 days later I got a reply that they could not find my mortgage account and request I call their Customer Service Team. I called the centre and was informed as I had remortgaged to Direct Line in 1996, they did not hold records for longer than 10 years. Is this correct and if so is there any way of establishing what my mortage account number was? If anyone can shed some light on this that would be fantastic.

Regards

Felix2

1. Debts are not enforceable for more than six years, so 10 years is out of time.
2. The FSA's ruling is mainly about the excessive increases in the last 5 years or so.
3. You will have paid next to nothing as an MEAF with any lender in 1996.
4. The increase you will have suffered in 1996 (if any) is unlikely to have been unreasonable.

In conclusion, you don't have anything worth pursuing in relation to this very old mortgage account.

trotskiy

Bradford & Bingley RESULT . Luckily I found the original flier with rates for redemption legal fees etc, dated 1996 when we took out our mortgage and at that time it was £75.00. When we moved to Chelsea in late 2004, we were charged £200 including sealing fees. I downloaded the preformatted letter, asking for £125.00 & sent it. On 8th February we received acknowledgement from B & B which said we would have a decision within 21 days. 16th February another letter received, which on initial reading looked as if request was going to thrown out but ended with "as a gesture of good will a cheque for £125.00" will be with us shortly.
N.B. Cheque for £125.00 arrived today - 14 days from start to finish YIPPEE

clubcard

I had a mortgage with Britannic Money in 2001 (now known as Mortgage Trust Limited) so I wrote to them regarding exit fees and received this reply.

"The statement made by the FSA relates only to loans that are regulated by the FSA. Unfortunately your loan does not come under the jurisdiction of the FSA and, therefore, the company is under no obligation to refund any fees."

I thought that all mortgage companies were requlated by the FSA. Can anyone help with further information?

Wizwoo

:j
I phoned the Alliance & Leicester and told them about the FSA and mentioned that I wanted to claim back the differenc (although I wasn't entirely sure what the differenc was).
About a week later I received a letter to confirm they were looking into it and today (after about another week) I've received a cheque for £100!!!:j

Thrilled!

linnie13

Today I received a letter from Bradford & Bingley stating that they were going to refund £140 from when I paid up my mortgage 2 years ago.

All this for just one letter. Many, many thanks to Martin and all people that have posted success stories. Long may it continue!

Former_MSE_Dan

Hi folks,

BBC Breakfast are looking to do an item on Mortgage Exit Fee Reclaiming, and would like to speak to a consumer who has had a go at this. Here is the brief:

We are looking for a case study who has successfully reclaimed fees, or who is about to try and do so. I wonder if I could ask any of your money savers if they would like to take part and appear on the programme.

It would involve a couple of hours filming (i.e. it wouldn't be live) and we are looking to do this as soon as possible - i.e. this week or next week, with a view to transmitting it shortly after.

We wouldn’t have to reveal the size of their mortgage if they didn't want us to.

If anyone is interested in being involved, please PM me and I'll let you know the details.

Cheers

Dan

andyboyo

geordiescouse wrote:

Abbey

Received my cheque today for £160! Thank you Martin!

and my cheque for £160 dropped through the letterbox this morning !

Thanks again Martin :beer:

dodger1945

Contacted Halifax Building Society 3 weeks ago with regard to final account charges when we finished out mortgage October 2006. Charged £175 Admin fees, REFUNDED IN FULL this week. Success

kegs_2

Today I received a letter from Natwest stating that they were going to refund £140 from when I paid up my mortgage 2 years ago, the money was also in the bank today!

One down, two more to go - have had letters from both Principality & Yorkshire Building Society acknowledging my initial letter.

For those who had mortgages with these suppliers the letters indicated;
Principality are investigating the matter and Yorkshire state that they are considering the FSA's recommendation and have until the end of Feb to make a decision and that they will come back to us within 28 days of that date.

Thanks Martin was definitely worth the second class stamp!