Mortgage Exit Fees successes and failures

Lee123cats

Dear Dunstonh,
Thank you for your reply. The only reason I queried the other £250 is becuase NR said I would only need to pay £250 exit fee if I changed my deal or repaid early. I don't think I did either. We waited until the end of the mortgage deal then moved. So surely, I shouldn't have paid anything? What do you think?

MarkyMarkD

You repaid your mortgage before the end of its full (presumably 25 years) term. I think that's what they meant by "early".

You don't borrow for a 2 year period if you have a 2 year fixed rate, you borrow for 25 years of which 2 are at a fixed rate. The term is 25 years, not 2.

Lee123cats

Thanks for your replies. Think I'll take the £250! Well worth the a stamp. Thanks Martin. x

yintong5

After reading your article I found out my Cheltenham & Gloucester paprework from a few years back and found I had paid £225 in exit fees when I moved about 5 years ago.

I contacted them by phone to be told that I wouldn't be entitled to a refund as £225 was in my original agreement (which I certainly couldn't find).

I deciced to write a letter asking for a breakdown of the fees charged when, two days later, a cheque arrived on the doormat for £53 as the difference between the £180 (apparently) in my original agreement and the £225 charged at exit, plus interest.

I could still have sent the letter off and not cashed the cheque, but I decided it was £53 more than I had before and sent it to the bank post-haste.

All I can say is thank you very much for the advice.
Cheers,
Stu
:beer:

dunstonh

I deciced to write a letter asking for a breakdown of the fees charged when, two days later, a cheque arrived on the doormat for £53 as the difference between the £180 (apparently) in my original agreement and the £225 charged at exit, plus interest.

They dont have to provide a breakdown of the fees or justify them in any way. The ruling is that they have to refund the difference between the agreement and what you paid. This is what they have done (after initially giving your the wrong info)

billjust

We decided to pay the remainder of our mortgage early with the Alliance and Leicester which we took out in 1993. Initially they were demanding £295 for the MEAF which I refused to pay when I paid the balance of the mortgage.

I complained by letter quoting the figures in your MEAF tables, the reply was less than promising as they insisted the figure was correct. Further, they were demanding £1.60 per day for every day the fee was outstanding.

I downloaded your template letter and modified it to suit our circumstances and sent it to their ‘letsgetitright’ department, their acknowledgement stated they were looking into it and would reply within 7 days. It actually took 9 days but they have reduced the fee to zero after quoting the same figures as you have in your table.

So a big thank you for your help and it shows it does pay to be persistent.

jumpybongo

my newbie experience

i collated details by phone of 9 redeemed buy-to-let (btl) with the woolwich via barclays from 2004-2008,
from the numbers given here.
recieved zero response to letter/fax/follow -up calls till i pestered customer services today they tried all ways to fob me off from not accepting any of the 9 previously agreed a/c numbers addresses or post codes,thus declining to even clear thru initial security.
finally managed to get thru security by literally trying all 9 previous adresses again with a different customer service advisor who confirmed receipt of my original letter dated 2/7/10 and accepted my current address for updates.

they did actually act on my initial letter but wrote to a very old address new copies to follow so i will see what joy that brings.

in 1 case, they claim i was charged what they call THE FINAL REPAYMENT CHARGE (frc) of £95, and £195 in the other they have looked at, and they deem both of these to be fair.

i have asked them to confirm by post both original fee quoted and actual fee charged to eensure they havent overcharged and hopefully will be able to progress task to completion.

a mixed bag so far, but i will persevere and post updates on outcome.

regards

jumpybongo

MarkyMarkD

BTL mortgages are not regulated, so the FSA ruling on exit fees does not apply.

So it's irrelevant whether the original fee and the actual fee charged differ.

linzi1970

a simple phone call as previous mortgage was with woolwich, even a free phone number, £185.04 will be credited to my account in next 5 working days.... woohoo!!!! thank you MSE:j

Disco82

Hey guys, im kind of new to this reclaiming so i was after a bit of advice........... I wrote to my old mortgage lender and requested back my Mortgage Exit Fee (£199), and i have been told im not entitled to this as my contract stated this as £199. However i have also been charged £495 "Loan Completion Fee" - is this something i should still persue or am i wasting my time??

Many thanks

Stu