Mortgage Exit Fees successes and failures

Don_Capitan

Birmingham Midshires

I searched for my morgage redemption statement and found that I had been charged a vacating fee of £150. I wrote to BM and they advised that the fee is routinely charged and that I was not entitled to a refund.

I wrote to them again and threatened them with legal action to which they agreed to refund the money with interest.

Thank you Martin

Don_Capitan

Birmingham Midshires

On two occasions I was charged £150 for a product transfers is this refundable?

BigDave81

Wahey, cheque turned up from Abbey for £126 on 16/10/09 :beer:
Not a bad turn around at all so thank you MSE!!

Just need to wait for Northern Rock to reply now

MarkyMarkD

Don_Capitan wrote: »

Birmingham Midshires

On two occasions I was charged £150 for a product transfers is this refundable?

No. All product fees (and switch fees) are 100% legit.

mark55man

legit but not necessarily unchallengable

dunstonh

Don_Capitan wrote: »

Birmingham Midshires

On two occasions I was charged £150 for a product transfers is this refundable?

In the same way that buying a TV every 5 years means you dont have to pay for it each time.

woodymeg

Hi can i ask a question, just looking through my old mortgage offer from I Group(Ge money) on no 8 it gives details of broker fee which is 2500.00 payable to funding network loans, then on part 13 under - Using a mortgage intermediary it says g e money will pay Funding netwok loans the sum of 1900.00 if we take out this mortgage which we did. I know they got 2500.00 as have break down of money been paid to every one. Is this wrong :rolleyes:

woodymeg

woodymeg wrote: »

Hi can i ask a question, just looking through my old mortgage offer from I Group(Ge money) on no 8 it gives details of broker fee which is 2500.00 payable to funding network loans, then on part 13 under - Using a mortgage intermediary it says g e money will pay Funding netwok loans the sum of 1900.00 if we take out this mortgage which we did. I know they got 2500.00 as have break down of money been paid to every one. Is this wrong :rolleyes:

Hi have actually worked this out this is the commission they recieved from G E Money for arranging mortgages. Any views tho!!!!!:o

dunstonh

Hi have actually worked this out this is the commission they recieved from G E Money for arranging mortgages. Any views tho!!!!!

Its not commission. Commission is not explicitly charged to you. It will be a broker fee.

If you have a free agreement for £1900 and they took £2500 then that is a clear breach. If they took a fee of £2500 and were paid a commission of £1900 whcih was not declared to you then you could claim one back. (although your offer letter does show it by the looks of it)

To be honest it looks like you have been ripped off big time as far as level of charges is concerned but as it was disclosed you probably have little you can do about it as you knew these before you bought the mortgage.

MarkyMarkD

mark88man wrote: »

legit but not necessarily unchallengable

Er, no. Legally enforceable.

No way will you win a legal claim against a product fee.

No way will you win an Ombudsman case.

So, I'd say, no.