Mortgage Exit Fees successes and failures

Steve_xx

somethingspecial wrote: »

I have been receiving the Martin's e-mails for a few weeks now but had not come across anything that I would have used, especially as some of the offers do not apply in Northern Ireland. As a keen money saver I would always read the e-mails in the hope that there would be something of interest and today I was not dissappointed.

We remortgaged in 2005 and changed from the Halifax to the Nationwide. So I rang the number listed for the Halifax gave them my mortgage details and was told I had overpaid £100, which they will refund straight into our account.

So one simple phone call has netted £100 - thanks Martin!:j

That's kind of them to refund your cash - after stealing it from you in the first place. I hope that they made a gesture of goodwill to you for their error?

Sassy1_2

Received my cheque for £250 about 2 weeks after posting off acceptance form to Northern Rock....brilliant!!! :-)

mexrob

My 2 year fixed rate mortgage with the Chelsea ends 1st feb 2010. Terrible SVR so will be moving elsewhere. When I took out this mortgage was advised it had a £175 'discharge fee'. Having read the article here on mortgage exit fees, i hoped this would be reduced. But on phoning Cheslea was told, no, is still applicable. Only customers who were misadvised was £80 (in some literature apparenetly) were eligible for any refund. Any advice / precedent? help!! much appreciated...

MarkyMarkD

You will definitely have been informed of the correct rate, if it was a new Chelsea mortgage 2 years ago, because you will have received a KFI which states the amount due (and they have not increased the amount since 2 years ago - hardly any lender has). If so, no refund will be due.

ulltiger

I'm in a similar position to mexrob just above. I was advised of a £295 redemption admin charge by Alliance&Leicester, however isn't there scope to query this as it seems to be generally acknowledged it doesn't cost this much to conduct the work involved - therefore it's partially a penalty fee, which the FSA states isn't fair? I didn't know this was the case when signing up in Feb 07 but do now after reading martin's article? Any advice appreciated.

dunstonh

however isn't there scope to query this as it seems to be generally acknowledged it doesn't cost this much to conduct the work involved

Nope.

therefore it's partially a penalty fee, which the FSA states isn't fair?

Its nothing like a penalty fee. Its retail charge and the FSA have already made their ruling on these.

I didn't know this was the case when signing up in Feb 07 but do now after reading martin's article?

You did know the charges when you signed up for the deal. It would have been on the key features illustration and the contract.

Steve_xx

ulltiger wrote: »

I'm in a similar position to mexrob just above. I was advised of a £295 redemption admin charge by Alliance&Leicester, however isn't there scope to query this as it seems to be generally acknowledged it doesn't cost this much to conduct the work involved - therefore it's partially a penalty fee, which the FSA states isn't fair? I didn't know this was the case when signing up in Feb 07 but do now after reading martin's article? Any advice appreciated.

Trawl back through my postings on this thread and you will find the remedy letter detail for dealing with Alliance & Leicester and their ridiculous termination clauses.

deakstar

Has anyone claimed back fees from the Chelsea? I had a mortgage with them between 2004 and 2007 and wondered whether I'd be entitled to claim anything back from them? Unfortunately I haven't kept any of the documentation and just want an idea of the differences in amounts to put in the letter!

sfoley1

Hello all

Wonder if someone could help me understand where I stand so to speak.

I redeemed my NatWest mortgage in October 2006 and was charged £225.

I have attempted to reclaim this over the phone but was told that from December 2004 this fee was mentioned in the paperwork so I have no grounds to claim. The mortgage was taken out before this date but NatWest are saying that as I would have received statements between 2004 and 2006 the increased fee would have shown.

Are they correct?

Many thanks in advance for any advice given.

Simon

Steve_xx

sfoley1 wrote: »

Hello all

Wonder if someone could help me understand where I stand so to speak.

I redeemed my NatWest mortgage in October 2006 and was charged £225.

I have attempted to reclaim this over the phone but was told that from December 2004 this fee was mentioned in the paperwork so I have no grounds to claim. The mortgage was taken out before this date but NatWest are saying that as I would have received statements between 2004 and 2006 the increased fee would have shown.

Are they correct?

Many thanks in advance for any advice given.

Simon

It doesn't sound correct to me. Look at the template letters for reclaiming and forward you claim in writing. Telephone request will rarely do the trick.