Mortgage Exit Fees successes and failures

dunstonh

Screw you Dunstonh. I think you are forgetting the very point of this site and forum - to save money and reclaim back unfair fees, which is what the money saving expert is there to help people with.

These fees are not unfair. The ruling is quite clear on what is and isnt with regards to this issue. You made a nuisance of yourself to try and get back a fairly charged fee. You screamed and screamed and screamed until they gave in.

What are you doing on this forum if you are going to criticise people who were successful

Successful at what? Being a nuisance and a drain on resources that could be better spent with people with valid issues and problems.

Why dont you try and stand outside Tesco screaming and shouting about your shopping bill and see if the same tactics work there? Or better still, steal from them and if you get away with that then you can gloat about that too.

Money saving isnt about screwing companies unfairly.

milesfb

You have clearly missed the point of this website and forum. It is the principle that exit fees are totally unjustified, other than a nominal charge perhaps but certainly not what they currently rip people off with. The banks know it and the public know it. This is why it is one of the discussions on this web site. Therefore making a nuisance of ones self is the only way to get justice and results. You are clearly on a different planet when it comes to matters of fees. So why are you on this forum? The creator Martin Lewis encourages tactics like mine and here you are criticising them. The word 'Bell End' I think describes you very well. Its no wonder this country is going to the dogs, (thought I would quote on quote), with people like you dishing out your so called self righteous financial advice.

milesfb

Just one more thing. Supermarkets don't charge you an extortionate fee if you decide to shop elsewhere. A very poor metaphorical comparison.

Steve_xx

dunstonh wrote: »

These fees are not unfair. The ruling is quite clear on what is and isnt with regards to this issue. You made a nuisance of yourself to try and get back a fairly charged fee. You screamed and screamed and screamed until they gave in.



Successful at what? Being a nuisance and a drain on resources that could be better spent with people with valid issues and problems.

Why dont you try and stand outside Tesco screaming and shouting about your shopping bill and see if the same tactics work there? Or better still, steal from them and if you get away with that then you can gloat about that too.

Money saving isnt about screwing companies unfairly.

Why is it that as an IFA that you cannot understand that the banks are ripping us all off, right left and centre? Not content with having wrecked the economy with their reckless antics on lending, they are now cap-in-hand wanting us all to keep them in the style they've come to enjoy. Not content with having driven house prices beyond the scope of the many through their reckless lending policies and total lack of consideration as to how loans will be repaid. Not bright enough to realise that it all couldn't be sustained. Why should people not try to recover some of their hard earned cash from these monolithic cash guzzlers?

Yes, people may have entered into contracts which are legitimate. That doesn't mean that such contracts are fair and reasonable and that they should neither be questioned or tested. Contracts that are deemed to be unduly biased, can, and have been set aside by the courts.

Incidentally, many of those reporting on this forum have recovered monies that they did not agree to pay.

milesfb

Thanks to Steve_xx for acknowledging that reclaiming my mortgage exit fee is a good thing. Also as Steve_xx says it was the banks that sent the country to the dogs and causing the credit crunch - not the consumer, as Dunstonh incorrectly states. It is the banks that continue to screw us and not the other way round. Lets vote to ban Dunstonh from this forum - the guy is a total P.I.L.O.C. and clearly is on a different planet.

Noz

milesfb wrote: »

Thanks to Steve_xx for acknowledging that reclaiming my mortgage exit fee is a good thing. Also as Steve_xx says it was the banks that sent the country to the dogs and causing the credit crunch - not the consumer, as Dunstonh incorrectly states. It is the banks that continue to screw us and not the other way round. Lets vote to ban Dunstonh from this forum - the guy is a total P.I.L.O.C. and clearly is on a different planet.

You are completely out of order. Asking for a banning and personal abuse is nothing that MSE would encourage.

Steve_xx

milesfb wrote: »

Thanks to Steve_xx for acknowledging that reclaiming my mortgage exit fee is a good thing. Also as Steve_xx says it was the banks that sent the country to the dogs and causing the credit crunch - not the consumer, as Dunstonh incorrectly states. It is the banks that continue to screw us and not the other way round. Lets vote to ban Dunstonh from this forum - the guy is a total P.I.L.O.C. and clearly is on a different planet.

Dunstonh is entitled to have and to air views that are different to others. You can't censor other peoples views on an open forum. He approaches these things with the view that you should read all of the small print and in that sense he is correct. However, people generally don't read the small print and so it seems that the banks use this lack of attention by the borrower to load the mortgage with charges in what might be described by some as an anti-competitive manner.

I think the argument here centres around the fact that these charges are often imposed as part of the contract, and people are are infuriated when it comes to discharging their mortgage when they find that these charges are levied. The general view seems to be that the charges are excessive and I tend to agree with that. Others will argue that the total package is tailored such that if the exit fee wasn't imposed then the overall cost of the mortgage would be loaded in some other way. I think on balance that people might generally prefer a slightly higher loading so that it avoid lots of incidental charges.

In the worse cases the banks are actually loading charges that were not agreed to in the first place, thereby effectively stealing from people.

JohnRose1

Hi all....would be very grateful if you'd offer opinion/insight into our present situation. We're about to jump ship from Capstone (thank God!) to Nationwide and the outstanding balance is £43,454.00 and weve been with them just over 4 years. The "early repayment charge" is £320.57, the "final repayment charge" is £190.00, the "interest up to and including redemption date" is £272.48 and the "total amount to redeem" is £44,237.00. They also say that an additional daily rate must be applied per day (£10.69) for each day that passes after the valid from date of the redemption statement. Does that seem reasonable/justifiable. Any opinions from solicitors/mortgage brokers/bankers especially welcome. Many thanks.

MarkyMarkD

The ERC works out at one month's interest. Not particularly excessive, and presumably documented in your mortgage offer documents.

"Final repayment charge" is presumably the MEAF and £190 is not unusually high.

"Interest to redemption date" will be for the part month to the redemption date, (it seems to work out at 25.5 days) and £10.69 per day seems to suggest you are currently paying 8.20%.

All in all, it sounds pretty much kosher.

shell1000

I recently remortgaged from Alliance and Leicester to First Direct and was disgusted to realise I had to pay 295 just to move my mortgage!

I thought I had no chance as it was a 2 year fixed rate that started in 2006, 2 years after alliance and leicester had changed their fee structure.

So i called them up and asked nicely for a breakdown of the charges to justify it. I got the bog standard letter back saying it said 295 in your contract and thats what you paid, if you don't reply in how many days we assume the case is closed.

So I wrote back saying I appreciate that my contract stated 295 and that was the payment taken, but I would like a breakdown of the charges in full or a full refund of the fee charged.

I think it's only right as I can't imagine some one had to spend 6 hours at their end sorting things out (thats using a rate of 50 p/h by the way)!!

I got a letter back this morning saying in view of the time that you have been pursuing this matter and your individual circumstances I am now enclosing a cheque for 295 which represents a full refund of the redemption adminstration charge...

WOW!

I feel vindicated really, as Alliance and Leicester proper diddled me over the mortgage, I signed up to a 2 year fixed rate and they set it up from when i arranged the mortgage, so the 2 years started ticking away straight away... i ended up with 1 year and 9 months on the deal before it went to A and Ls svr of 7.2% at the time.. my payments went up from 650 to 900! Gutting when working out I was only paying 133 per month off the loan!

I only had to pay it for one month and was out of there thanks to first direct who are amazing by the way!

Anyway gives the Alliance and Leicester customers of 2004 onwards some hope!