Mortgage Exit Fees successes and failures

atirdarr

After seeing your article regarding reclaiming MEAF fees i promptly sent letter off to Nat West more in hope than in expectation of getting any money back. Lo and behold six days later i was scanning through my bank statement and came across a refund entry for £187.07. I could not understand where this money came from and it was only when i checked the ref.number of the refund that it became apparent that this was the number of my mortgage which i had paid off some 3 years ago. Nat West had refunded this amount within 6 days. I have not had any official correspondance from them but am impressed with ease at which the money was refunded.Brilliant advice.Many thanks!

caroline_g_2

I sent my letter to C&G as i paid 225.00 in July 2007 for my MEAF
but they said that I couldnt have it for this reason...

Section 1.10 of the FSA announcement 'Fairness of terms in consumer contract - statements of good practise on MEAFS defines the original charge as being " the amount the customer was told when they entered the contract, or the latest point at which the contract was lawfully and bilaterally varied by the lender and the customer (for example a further advance , or product change)

Any ideas what i should do - i dont really understand!!

dunstonh

Any ideas what i should do - i dont really understand!!

In simple terms they are saying they charged you what you agreed when you took the mortgage out (or bought your last deal). In other words you paid £225 and your contract said you should pay £225. As there was no difference between these two figures you are not entitled to a refund of the difference.

caroline_g_2

Ok thanks . Im never that lucky to get money back from banks!!!

sunandsailcat

I have a few buy to let mortgages and have remortgaged over the last 10 years or so several times. I rang one of my ex mortgage proivders - West Bromwich BS yesterday regarding a MEAF of £200 levied to my account when the mortgage was redeemed. I was told that the £200 is a standard charge and has not varied during the period I held my mortgage (Jan 06 to Jan 08). I therefore cannot claim that the charge was unfairly increased during the term of my mortgage with them. However, how can I be certain that I am being given correct information as I the paperwork with the original mortgage offer makes no mention of the amount of fees deducted on mortgage redemption ?? Any advice/comments much appreciated Thanks!

dunstonh

sunandsailcat wrote: »

I have a few buy to let mortgages and have remortgaged over the last 10 years or so several times. I rang one of my ex mortgage proivders - West Bromwich BS yesterday regarding a MEAF of £200 levied to my account when the mortgage was redeemed. I was told that the £200 is a standard charge and has not varied during the period I held my mortgage (Jan 06 to Jan 08). I therefore cannot claim that the charge was unfairly increased during the term of my mortgage with them. However, how can I be certain that I am being given correct information as I the paperwork with the original mortgage offer makes no mention of the amount of fees deducted on mortgage redemption ?? Any advice/comments much appreciated Thanks!

1 - its a buy to let mortgage so technically it is not regulated by the FSA and the FSA ruling doesnt apply to it (so the lender can chose whether to go by FSA rules or not)

2 - It is unlikely that the charge changed much in just 2 years so what they say sounds reasonable. Most of the increases occurred between 1999 and 2003. By 2006 the issue had more or less been resolved (this thread started Jan 2007).

Isabella_k

I was charged £250 mortgage discharge fee when I repaid in 2007 by northern rock. Wrote them a letter last week and yesterday got a refund of £192. Very big thank u mse!

hjhill

Phoned Coventry BS on Tues, they wrote a letter on Wed and received the letter and a check for £70 for a mortgage that we switched in Apr 2007 (taken out in Mar 2005). Thanks MSE x :beer: x

Winning_Team_2

Thanks to Martin's sound financial advice and using his sample letters I have now received a £295:00 mortgage exit refund from Santander for the cost of just two postage stamps. Sensational!!

craigie28

Thank you So much for your advice on reclaiming Mortgage Exit Fees. I followed your advice and phoned my Morgage Provider, A & L to find out if I qualified. I paid off my Morgage in 2006 having taken it out in 1990. I was informed that I would not qualify as the Early Closure Administration Charge was £295 from when I took out the Mortgage (which I knew was incorrect). I decided to use your letter template to claim in writing and low and behold A & L have agreed to a refund of £297.13 which includes 4yrs, 6months interest.
I am so grateful, this will help greatly towards my current heating bill. I think you are Santa Claus!!
:A
craigie 28