Mortgage Exit Fees successes and failures

jlg1

I phoned the Woolwich last week and they at first told me my extra £80 charge (was to be £190 but we paid £275 back in 2006) was admin fees.

I was going to give up then phoned back and was told it had been paid - I never received it.

I then phoned again and was told as our mortgage was in "joint names" we should have had it paid - he asked me if my wife would agree to me accpeting the money in my account I felt like saying - eh, no wait a minute - I nearly bit his arm off from the other end of the phone! LOL :rotfl:

So we are to get the £80 plus interest paid in in the next 10 days.

I couldn't believe it!:j

Just on the back of this we were charged a deeds handling charge fo £95 by Abbey when we left them back in 2002 is this covered under the FSA ruling?

James

stumpyc4

with the demise of northern rock we were forced to move our morgatge as northern rock were not offering any renewals and of course were charged a fee to move by northern rock do you think i could reclaim that

dunstonh

stumpyc4 wrote: »

with the demise of northern rock we were forced to move our morgatge as northern rock were not offering any renewals and of course were charged a fee to move by northern rock do you think i could reclaim that

You were not forced to move your mortgage. When you took out the mortgage you agreed to repay it over a term. That was your contract. For a limited period they offered you a deal.

However, YOU CHOSE to move the mortgage. They did not force you.

flattwothree

Hi There, i,m currently in the process of selling my flat after forking out £945 for a home report i have looked at the paper work for paying off early and it states early repayment is £920 put that together with estate agent fees of £900 and solicitors fees of £900 and it's amounts to a pretty penny ...The early repayment seems a bit harsh though ? is there any chance of reclaiming any of it back.

dunstonh

The early repayment seems a bit harsh though ?

If you buy a special deal with a tie in then you agree to pay a penalty if you wish to exit the mortgage before the deal is up. So, in that respect it is not harsh and not unexpected and quite acceptable.

flattwothree

If you buy a special deal with a tie in then you agree to pay a penalty if you wish to exit the mortgage before the deal is up. So, in that respect it is not harsh and not unexpected and quite acceptable.

I dont recall it being a special deal with a tie in, i was simply moving mortgage when northern rock went down to bank of scotland dont remember it being a special deal..?

dunstonh

I dont recall it being a special deal with a tie in, i was simply moving mortgage when northern rock went down to bank of scotland dont remember it being a special deal..?

Mortgages outside of the "deal" period will have small exit charges. Typically ranging from zero to £250. Early repayment charges only appear on mortgages that have a tie in (due to a special deal) and are only levied during the tie in period.

flattwothree

Thanks dunstonh, sorry to be a pest but could moving from northern rock to halifax be regarded as being a special deal with a tie in.

dunstonh

flattwothree wrote: »

Thanks dunstonh, sorry to be a pest but could moving from northern rock to halifax be regarded as being a special deal with a tie in.

Its the terms you have with NR. e.g. lets say you bought a 5 year fixed rate. There will be a tie in with NR for 5 years. If you move during that period then you pay an early repayment charge. If you move outside of the deal period of 5 years then there will not be.

When you bought your NR mortgage, what deal did you buy and how long was the deal and tie in period?

flattwothree

When you bought your NR mortgage, what deal did you buy and how long was the deal and tie in period?[/QUOTE]

Thanks Dunstonh,

when i was with northern rock i was on a 3 year fixed rate, that was coming to an end and the troubles started with NR i then went to bank of scotland and i,m currently on a tracker rate , hope this helps..