Mortgage Exit Fees successes and failures

mark55man

MarkyMarkD wrote: »

And anyone who believes that it's right to sign up to a deal which costs £50 now and £295 in the future, because it's clearly better value than the deal which costs £295 now and £50 in the future, and THEN to refuse to pay the £295 when the time comes, because it's more than £50, is equally illogical and, frankly, immoral.

I never thought I would see the day where I heard a representative of the finance industry talk about morality, except to deny its role in modern business.

Good for you - you just made my day. if only it were true

Steve_xx

MarkyMarkD wrote: »

I don't, frankly, care what steve_xx thinks, as his argument has no logic to it.

Anyone who believes that it is fairer to pay £295 now and £50 in the future, than to pay £50 now and £295 in the future, when all 4 amounts are clearly advertised and guaranteed up-front, is clearly not worth discussing moneysaving with.

And anyone who believes that it's right to sign up to a deal which costs £50 now and £295 in the future, because it's clearly better value than the deal which costs £295 now and £50 in the future, and THEN to refuse to pay the £295 when the time comes, because it's more than £50, is equally illogical and, frankly, immoral.

It doesn't seem to me that you don't care about what I think, since you simply cannot resist but to labour and impose your own view at any opportunity, and in the most patronising and bullying fashion.

MarkyMarkD

It is strange that people who hold the most illogical positions are always prepared to call anyone who disagrees with them "patronising" and "bullying".

Regarding mark88man's point, of course it is immoral to sign up to an agreement which incorporates a particular fee - even if you think that fee is in some way excessive - and then to simply refuse to pay it when the time comes. That is steve_xx's position and that is not moral or right. He may think it's bullying to point this out, but he's wrong. But I'm not saying that as a representative of the finance industry - I am saying it as a human being.

I have paid an MEAF of £295 to A&L and I am quite happy that it was correct to do so. I have also paid an MEAF of £275 to Woolwich and I am quite happy that it was correct to do so. In both cases, the MEAF was clearly shown in the KFI up front and the OVERALL COST was the best deal available to me at the time - including the MEAF. Bleating that the MEAF was excessive after the event would be wrong.

Steve_xx

MarkyMarkD wrote: »

It is strange that people who hold the most illogical positions are always prepared to call anyone who disagrees with them "patronising" and "bullying".

You misunderstand.

I don't say that you are patronising and bullying because you disagree with me. I'm not at all fazed by the fact that you disagree with me. Indeed you are entitled to do so. You are bullyiing and patronising when you write on here that I and my ilk are ignorant.

Now, I am not proposing to respond further to you, since no useful purpose is served by doing so.

MarkyMarkD

Well, steve, I'm entitled to consider that it's ignorant to believe that it's a valid position to take, to refuse to pay entirely legitimate and clearly-explained charges. You are entitled to disagree, but not to take moral high grounds like "patronising" and "bullying".

Perhaps you'll stop advising people to bully financial institutions like A&L into refunding MEAFs which are entirely fair and which were clearly disclosed in the MEAF as part of a "best buy" overall deal?

And no, you don't have to respond.

BigDave81

Hi All

This may seem a bit long winded but I hope someone can offer some advice please.

I am looking at claiming back the MEAF's from 2 old mortgages and need to make sure I get everything straight.

The first is with Abbey, it's classed as a repayment fee, I assume this is the MEAF? I was charged £225 and thisismoney states the fee was £99, can I only claim back the difference of £126 or state it's still unreasonable and ask for the difference to £35 or £50? I'm unsure which amount the FSA deemed acceptable as I have seen conflicting information?

The second is an older mortgage with Northern Rock, fee was classed as discharge of mortgage fee again I assume this is the MEAF? They charged me £195, thisismoney states it was £175 in 2003 but I have no details of what it was in 2001 when I took out the mortgage. Can I again claim back to the £35 or £50 or only the £20 difference as I haven't located the original paperwork?

They also charged me £425 for 'help with costs' I have no idea what this relates to and the redemption letter just refers me back to the offer of advance for details which I haven't located either. This seems a ridiculous amount for essentially offering no service what so ever, anyone offer any insight on this subject?

The other question I have relates to the set up costs of the mortgage as I was only 19 at the time I was more clueless than I am now so just wondering if someone can advise if these charges are acceptable as I have never had them on the following 3 mortgages etc?

Risk Charge = £250
Fee Charge = £230
Admin Charge = £115
Sundries Charge = £25

These charges were on top of the valuation fee or £110 and completion fee of £395.

Any advise would be appreciated so I can get this right first time.

Thanks in advance for any help and comments.

Rebecca15

Hi All

Just wanted to report my success so far on my MEAF claim, sent off 2 letters about 2 weeks ago. First to Abbey and second to Halifax. I had the mortgage account details and the fees that were charged when I left each lender but not the details of the original quote so didn't really know if what I was charged was correct.

Thought it was worth a go so adapted the template letters and sent off.

Success got a cheque from Abbey today for £126 and a letter saying that the file would stay open for 8 weeks if I wanted to appeal.

Just got to wait now and see if the Halifax come up with anything.

I am very grateful to Martin for this excellent information - I would never know about this otherwise.

R

mark55man

well done rebecca

waiting on mine

woodymeg

Can i just ask a question can you claim for fees charged on mortgages for late payment or been in arrears. not heard anything but just thought i would ask x

dunstonh

woodymeg wrote: »

Can i just ask a question can you claim for fees charged on mortgages for late payment or been in arrears. not heard anything but just thought i would ask x

There are lots of threads on the board about it. Some people have tried and been successful but many have failed and ended up worse off as the banks seem more willing to fight these cases in court and they have won quite a lot of the time.

So, generally its worth a go to get them reduced but be careful pushing it too far by going to court as the bank may decide to call your bluff.