Mortgage Exit Fees successes and failures

dunstonh

It definitely states the above as the interest rate, so is it nothing to do with northern rock? am a little confused now!

That was the interest rate for the SVR at that point but the clue is in the name. Standard VARIABLE rate. It varies. They showed what it was then but it can vary.

Northern Rock did not provide the advice. They have no liability for the advice given. The broker you use is liable for the advice given. Any complaint you make is to the broker.

chefyboy75

Would you say I have a complaint then?

dunstonh

chefyboy75 wrote: »

Would you say I have a complaint then?

Documentary evidence is key and I cant see that. I dont know what risk warnings you were given. However, its clear from what you have said that you didnt understand the rate was variable and that your disbelief at me saying that a mortgage increase from £900 to £1200 was quite within tolerance indicates you were not aware of that. So, you have potential grounds for complaint based on what you have said. Whether you are successful or not will depend on the evidence they have.

lucadobe

i paid up my mortgage early last month with the Halifax...they wanted the £175 admin charge as they called it....i phone them and wrote in and had a moan..and hey presto the charges were reduced to £50...thats more like it!!!

chefyboy75

dunstonh-have just found out all my paperwork regarding northern rock, when we left our property we had them write to us stating the following:
'Thankyou for your payment of £******** to repay your secured loan. Unfortunately, this was not enough to repay the secured loan in full. This has left a shortfall of £*****.
So up until 7th April 2009 we still had this mortgage. The early repayment charge was only payable up until 1st October 2008.
Can you tell me where we now stand? Thanks

surbyman

Hi. This is for Standard Life mortgage payers - I took out a Freestyle mortgage back in 2002. A few days ago I enquired about paying off my mortgage and was told that I would be charged a discharge fee of £150. When I checked my original documentation the Illustration stated as follows:

"Redemption Discharge Fee
Please note that a redemption discharge fee of £150 will apply if you redeem your mortgage and either:
- you are moving house and do not complete a new mortgage with us within 30 days of redemption, or
- you are remortgaging with another lender."

In my case I am doing neither and merely paying off my mortgage balance. I tried to argue this point with the SL helpline assistant and her manager called "Steve" but I was told that I had to pay the fee.

In addition I found a Telegraph news article from 2001 when the fees were introduced with SL stating "The £150 redemption fee only applies if you take your mortgage elsewhere before the end of its term."
I emailed the Complaints dept of Standard Life and was told today that I didn't have to pay the discharge fee at all! Success :-)

dunstonh

chefyboy75 wrote: »

dunstonh-have just found out all my paperwork regarding northern rock, when we left our property we had them write to us stating the following:
'Thankyou for your payment of £******** to repay your secured loan. Unfortunately, this was not enough to repay the secured loan in full. This has left a shortfall of £*****.
So up until 7th April 2009 we still had this mortgage. The early repayment charge was only payable up until 1st October 2008.
Can you tell me where we now stand? Thanks

I think you need to decide if you have been misled or not and if you should make the complaint. There is enough to say you have been based on what you have said. Its just a case of what they have to counter that and you wont know that unless you make a complaint.

janz70

Well my problem is set out in the title - I was with National & Provincial which taken over by Abbey National in 1996 and I remortgaged with Scarbrough in 2005 and I seem to remember a fee of £200 - I will have to check that out but I presume I send the letter t Abbey as they took over N&P

MarkyMarkD

When your mortgage was redeemed, it was an Abbey mortgage, so of course they would be who you would contact.

Presuming that you didn't pay Abbey's SVR for 10 years, you must have switched product and hence accepted an increased level of MEAF? If so, nothing is necessarily due.

InfamyInfamy

Yay! Just found the info on MSE re Mortgage repayment fees. Phoned Lloyds Bank a minute ago £210.22 winging it's way back to me! No hassle, no grief - easy!! :j