Mortgage Exit Fees successes and failures

Wendy_A

Thank you, Martin Money Man!! I have taken your advice on several occasions, and saved money in the process. This latest one to reclaim an old mortgage exit fee was a triumph! I paid of my Halifax mortage 6 years ago and at that time did write to ask why the "administration fee" went from £75 to £175 in under 18 months... but never got any response. Now, armed with Martin's direct phone number to contact the Halifax, I have £100 refunded just for the price of a phone call!! Fantastic. You're a star.

pdh_2

Thanks Martin, just made £100 back from Halifax for an admin fee that was more than the contract stated - easy money! (they didnt honour the interest but hey, if you dont ask!....)

Nicky1209

Hi, don't know if anyone can help, I contacted Natwest who told me that I was charged an exit fee of £225 but because that was the fee applicable at the time I'm not eligible for refund! Is this correct? Thanks

Nicky1209

Ruth wrote: »

(a) they aren't required to keep information that old; and
(b) they won't owe you anything anyway. How many times does it have to be posted that the main increases in MEAFs happened in the 2000s, not in the 1990s?

I managed to get £50 back from Halifax that ended in 2000, so worth a try

dunstonh

Nicky1209 wrote: »

Hi, don't know if anyone can help, I contacted Natwest who told me that I was charged an exit fee of £225 but because that was the fee applicable at the time I'm not eligible for refund! Is this correct? Thanks

That is correct and in line with the FSA ruling.

If you paid the figure stated on your contract you are not entitled to any refund. Its only if you paid more that you get some refund.

starlitegaize

I had a PORTABLE mortgage in 1997 with Birmingham Midshires - of course when I came to sell the flat in 2003, I was informed this product had been missold. I had to pay £13,000 in redemption penalty fees.

I went through the FOS who were, quite frankly, worse than useless. They upheld my complaint but did nothing about it.

I'd like to know if I can approach BM and make an application to have this sum refunded to me.

Any help/advice gratefully received.

Thanks

dunstonh

I'd like to know if I can approach BM and make an application to have this sum refunded to me.

That is not the fee that is being discussed in this thread. Your is an early repayment charge. These are considered fair and legal as you only pay them if you finish your mortgage during the tie in period. In exchange for the tie in you get a special deal. (bit like mobile phone contract but with more money being involved!)

jamesd

starlitegaize, what was the actual decision of the FOS? Did you inform the FOS and company that you accepted the decision of the FOS? Did you or the FOS ask whoever sold you the product, which might not have been BM themselves, to pay up whatever amount the FOS decision said you should get?

Have you commenced legal enforcement action against the company the FOS said should pay yet? This is what you do if a firm refuses to pay a FOS award.

MarkyMarkD

I don't understand your comment that the FOS were "useless", starlitegaize.

If FOS upheld a complaint against BM, BM would pay up whatever FOS told them to, unless BM successfully appealed the decision.

It would help if you explained exactly who mis-sold the mortgage and in what way. The fact that you ended up paying an ERC 6 years into the life of a mortgage is itself quite surprising, but if you simply didn't understand that it had an ERC - even though that was explained in the product conditions - that wouldn't represent mis-selling.

duffs54

Success Story

Just got my Halifax mortgage exit fee cheque, only £50 but better in my bank than theirs!

Cheers and thank you team at MSE