Mortgage Exit Fees successes and failures

VintageBubble

Thanks MarkyMarkD. I got over excited by the MEAF article but I understand it all now. I was a complete financephobe before I started looking on this website but I am starting to get my head round a few things now...slowly.

MANYTHANKS

I wrote to Abbey after reading your article regarding MRF. We paid £225 five years ago when we sold the house. I also requested interest. I received a reply on 25th March enclosing cheque for £175 being the difference between the amount charged on redemption and mortgage repayment fee stated in our mortgage contract. If I was unhappy with decision they advise to refer complaint to their Central Complaints team and if still unhappy with outcome to write to Financial Ombudsman Service. Is it worth going for the interest?

Steve_xx

MANYTHANKS wrote: »

I wrote to Abbey after reading your article regarding MRF. We paid £225 five years ago when we sold the house. I also requested interest. I received a reply on 25th March enclosing cheque for £175 being the difference between the amount charged on redemption and mortgage repayment fee stated in our mortgage contract. If I was unhappy with decision they advise to refer complaint to their Central Complaints team and if still unhappy with outcome to write to Financial Ombudsman Service. Is it worth going for the interest?

Yes it's worth asking for the interest. Technically, if they charged you more than that which you agreed, then it amounts to theft.

MANYTHANKS

Many thanks Steve, I will give it a go. Hopefully, this is just the start of recovering many overcharges. Do you know if there is a format letter anywhere I could use, or just make it simple. I used the proforma letter on this site to send originally but changed it slightly to make it more friendly.

MANYTHANKS

P.S. If I cash the cheque will this compromise my position of getting the interest back?

dunstonh

MANYTHANKS wrote: »

Many thanks Steve, I will give it a go. Hopefully, this is just the start of recovering many overcharges. Do you know if there is a format letter anywhere I could use, or just make it simple. I used the proforma letter on this site to send originally but changed it slightly to make it more friendly.

Personalising the letter helps. Template letters have a lower success rate in complaints than personalised lettters. Take the ideas of the template but put it in your own words.

Steve_xx

MANYTHANKS wrote: »

Many thanks Steve, I will give it a go. Hopefully, this is just the start of recovering many overcharges. Do you know if there is a format letter anywhere I could use, or just make it simple. I used the proforma letter on this site to send originally but changed it slightly to make it more friendly.

Yes I think it's best just to use the letters on this site and make minor adjustments. But in your case as you're requesting the interest element, you should probably thank them for the return of your money and then go on to say that you want the interest returned too.

Steve_xx

MANYTHANKS wrote: »

P.S. If I cash the cheque will this compromise my position of getting the interest back?

No, not at all.

MANYTHANKS

Cheers! Will list the outcome...

Mummybee_2

My old mortgage was closed with Abbey National in 2000 - I contacted them and was told they wouldn't hold information that far back. Is that right?