Mortgage Exit Fees successes and failures

mark55man

MarkyMarkD wrote: »

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.

so when they repay the fee (oh - they just did this for me), by reversing your logic it must be because at the point they sold me my mortgage they did it in a way that were unhappy to defend, ie did not meet all the requirements now in force (despite their and your initial protestations)

so 5 years ago they were sloppier, but even now the british workforce being what it is and the bankers being what they are, there would to me always be room to question it as they may have made a mistake, or they may have been naughty, and very little downside in making the claim

woodymeg

Hi can i just ask have been going through paperwork and statements from YBS and no where on my mortgage offer does it state this redemption fee only early repayment fees. On my statements it does give 2 amount which do differ and the highest one at £199 is what i paid. I thought that they had to stipulate this amount on your mortgage offer or am i wrong, just wanted to clarify this befor i ring them.

MarkyMarkD

No, it only needed to be on your mortgage offer if it is a regulated mortgage.

If it is an older, non-regulated, mortgage it will have been documented in other paperwork (like a general mortgage information leaflet) when you took out the mortgage.

woodymeg

MarkyMarkD wrote: »

No, it only needed to be on your mortgage offer if it is a regulated mortgage.

If it is an older, non-regulated, mortgage it will have been documented in other paperwork (like a general mortgage information leaflet) when you took out the mortgage.

It was in 2002 and no it wasnt any where on mortgage offer, or mortgage illustration.

dunstonh

It was in 2002 and no it wasnt any where on mortgage offer, or mortgage illustration.

Thats before the times you would expect to see redemption charges on them. KFIs didnt come in until later. Although most did put the ERC on the contract you signed.

Slimboyfat1

hi there

Im new to this game so im hoping for as much help and advice as possible and just maybe some real good can come out of this ?
Our morgage is with the Lloyds TSB - were still with them since 02 when we took out a fixed payment mortgage and in march 05 we had too arrange additional funds from them so a new mortgage was arranged since then ive seen in the statements past "early repaymenet charges totalling 1395 pounds" and a closing administration charge of 225 pounds as well .To date our early repaymnet charge now stands at 2272 it seems to go on!!!! Where do we stand legally ???

hope you an help

dunstonh

Where do we stand legally ???

Nowhere. You chose to buy a product on special terms and agreed a tie in period with an early repayment charge. Thats what you wanted and thats what was agreed and thats what you have got.

Slimboyfat1

even with the Exit charge of 225 pounds?

dunstonh

Slimboyfat1 wrote: »

even with the Exit charge of 225 pounds?

The early repayment charge relates to the deal you buy. The exit charge relates to the mortgage. As long as the charges match the price you agreed when you bought the mortgage deal then there is nothing wrong.

MarkyMarkD

And £225 is a very typical sort of level of MEAF applicable at the time you took your further advance, so it will be correct.