Mortgage Exit Fees successes and failures

Steve_xx

shell1000 wrote: »

I'd love to know why alliance and Leicester are so less reasonable than any other bank.. I got nothing. Yes I signed the contract for 295 but when I called them I didn't dispute that I requested a breakdown of the costs incurred during the transfer of my mortgage.

Yet they didn't reply with this answer, does anyone have any other suggestions? I'm thinking of requesting the info under freedom of information. Any advice gratefully received x

Write to them, and in the first letter state that you think that the charge is excessive. If they respond unfavourably, which they might do, then write a second letter requesting a breakdown of the charges. In the second letter you should also state that when you receive their breakdown detail, if you feel the charges to be unreasonable, that you will start proceedings in the small claims ourt in order to recover the monies.

dunstonh

shell1000 wrote: »

I'd love to know why alliance and Leicester are so less reasonable than any other bank.. I got nothing. Yes I signed the contract for 295 but when I called them I didn't dispute that I requested a breakdown of the costs incurred during the transfer of my mortgage.

Yet they didn't reply with this answer, does anyone have any other suggestions? I'm thinking of requesting the info under freedom of information. Any advice gratefully received x

Under the rules set on refunds, if the contract said £295 and you paid £295 then you are not entitled to get a refund.

They have no requirement to give you a breakdown of the costs. So, they can choose to refuse that. Freedom of information act does not apply to commercial entities. So, quoting that is a waste of time.

You can blackmail them as Steve suggests but legally you dont have any rights.

Steve_xx

dunstonh wrote: »

Under the rules set on refunds, if the contract said £295 and you paid £295 then you are not entitled to get a refund.

They have no requirement to give you a breakdown of the costs. So, they can choose to refuse that. Freedom of information act does not apply to commercial entities. So, quoting that is a waste of time.

You can blackmail them as Steve suggests but legally you dont have any rights.

Just a minute. These banks have just received a multi billion pound bailout from the UK taxpayer as a direct result of their appallingly reckless bahaviour. Who's blackmailing who here?

GfL

Newbie to site and very, very impressed.

Rang the Woolwich yesterday and said I wanted to discuss my exit fee, I was told they had charged £275 instead of £95 followed by an "oops, sorry" !! Been told the refund plus the interest will be in my bank account within 5 working days.

No arguments or fighting my corner was necessary, I was amazed, especially considering some of my dealings with the Woolwich.

A big thank you to Martin.

dunstonh

Just a minute. These banks have just received a multi billion pound bailout from the UK taxpayer as a direct result of their appallingly reckless bahaviour. Who's blackmailing who here?

Which has nothing to do with valid and legal contracts.

Steve_xx

dunstonh wrote: »

Which has nothing to do with valid and legal contracts.

Blackmail has nothing to do with former borrowers requiring their former lender to refund monies paid in excess of any agreement as hundreds of posters on here often demonstrate. There is nothing legal or valid about imposing a charge that was not agreed in the first place, again, as hundreds of posters on here have demonstrated.

Similarly, as I have stated previously, there is no blackmail in making a request as a bank is free to refuse that request.

dunstonh

There is nothing legal or valid about imposing a charge that was not agreed in the first place, again, as hundreds of posters on here have demonstrated.

Correct. That is why the FSA said people could get back the difference. However, if the fee was in the initial contract and that is the amount that has been paid, then any threats made, using alternative methods that are more expensive than refunding it, are blackmail.

Steve_xx

dunstonh wrote: »

Correct. That is why the FSA said people could get back the difference. However, if the fee was in the initial contract and that is the amount that has been paid, then any threats made, using alternative methods that are more expensive than refunding it, are blackmail.

You're free to hold your opinion, however, I disagree with it.

ninathedentist

I am currently in the process of paying off the remains of my mortgage, held with Alliance & Leicester.

The original paperwork from Nov 2003 stated an £85 sealing and settlement fee as well as (curiously) £75 deeds transfer fee (curious as I have the deeds).

On ordering the resettlement quotation, I was quoted £295 as the sealing fee, which I immediately disputed. I was then told that as I had less than £10K outstanding balance, that the fee was now £195 but the woman told me that if I had less that a year left on the term on my mortgage (i.e. continued making monthly payments until I had 1 year left) then I wouldn't be charged any fee.

I don't think she banked on me paying £25 to change the term of my mortgage to 1 year and then ordering a resettlement estimate for as soon as the 1 year term starts i.e. my settlement fee would be solely the charge induced by me changing the term!

I WILL LET YOU KNOW IF IT WORKS!!!!!! :T

justwondering01

Hi,

I was charged £3500 to come out of my mortgage early when I sperated from my partner at the time and I couldn't afford to pay the repayment mortgage on my own. So I came out of the mortgage agreement that we took up to go onto an interest only mortgage while i was waiting for the house to sell. Are this charges able to be reclaimed?