Mortgage Exit Fees successes and failures

MarkyMarkD

@bazzer01 - if you were charged exactly what you agreed to pay up front, then you have not been overcharged. You are not morally entitled to anything - so I would advise leaving it.

@wiskaz - the same may apply as applies to bazzer. What matters is what the fee was when you took out your mortgage - and that may well have been the same as the £285 you have paid.

dunstonh

wiskaz wrote: »

hi guys, im new to this so sorry if i mess up,
any hoo, i have just come off the phone to woolwich whome i payed a 285 exit fee to, 2 year ago, now they are not charging one, but they have said i am not intitled to it back as it was in 2007, but i think this may be a fob off, can some one please tell me if i am rite or wrong?

The FSA ruling was that you should be charged what you were told you were going to be charged when that mortgage was take out (or the last deal you took out with them, if you switched deals).

As Mark says, you paid what you were told you would pay and that is compliant with the FSA ruling.

Just because they dont charge one now on current deals doesn't matter. They factor that lost money into the pricing of current deals by either increasing up front application/arrangement fees or factor it into the interest rate or deal terms.

Steve_xx

dunstonh wrote: »

Just because they dont charge one now on current deals doesn't matter. They factor that lost money into the pricing of current deals by either increasing up front application/arrangement fees or factor it into the interest rate or deal terms.

It'll be interesting to see how they factor in the recovery of the billions of pounds that they owe to the taxpayer.

maemaesmummy

Letter sent on Monday.. received a cheque today from Lloyds TSB for £122.09 for mortgage redeemed in 2002.

Well worth the cost of a 1st class stamp.:j

MarkyMarkD

Steve_xx wrote: »

It'll be interesting to see how they factor in the recovery of the billions of pounds that they owe to the taxpayer.

Er, that would be nothing in the case of Woolwich, as Barclays haven't had a taxpayer bailout. Never let the facts get in the way of a comment, though, eh, Steve? :rolleyes:

Steve_xx

MarkyMarkD wrote: »

Er, that would be nothing in the case of Woolwich, as Barclays haven't had a taxpayer bailout. Never let the facts get in the way of a comment, though, eh, Steve? :rolleyes:

Snap.........

scar1_2

I called RBS today as I had a mortgage with them 6 years ago.
I got a response to advise that they could not find me on system however exit fees prior to 2004 were always correct? This refund only applies to mortages which were settled after 2004.

Should I believe what the guy at RBS had told me? Also if these guys cannot find my info I suppose i can never check

Cheers

Mikemalo

I have just saved myself £120 on my mortgage exit fees by using the template supplied by martins money. It was with A & L and they quoted me £195 initially but I got it down to £75.
Mike

barloo69

bazzer01 wrote: »

My provious mortage with The Mortgage Buisness ended Feb 08. After giving them a call to ask for an exit fee refund, they sent me a letter which indicated that they charged me £175 which was exactly what the original contract stated. I need to confirm this by checking the contract myself. However, if there is no differnce between what was contracted and what they charged, is it worth me chasing the £175 anyway and whatb would be the best approach? Thanks!!!

Contrary to what you have been previously advised. Personally, I reckon carry on regardless. I personally argued that my fee was not proportionate to the real cost of their admin. 3 letters back & forth and today I receive a nice cheque for my troubles.

P.S. The negative people on this Thread need not bother posting up how I have stolen money from yourselves ie the banks shareholders. Not bothered.....anyway off to the bank to bank my cheque. De da da da da dah dahh dee. da da da.

oldmandave

I telephoned the Halifax about my admin fees for a mortgage I closed in 2007. 2 mins later I was £100 better off.
Pity about the Nationwide though, wrote send them a template letter for my mortgage closed in 2006, got a reply back today saying sorry "we consider the admin charge of £90 fair and was put in place to recover the costs we incur when redeeming a mortgage account".
At least I tried both and got something back - £100 yippee thanks Martin:T