Mortgage Exit Fees successes and failures

VNangry

Hi there .. new to this site so sorry if im on the wrong forum ... wondered if anyone can help me ... my mortgage renewal was due .. i remembered that i had paid a "life time fee " £150 to a certain estate agents .. so off i trotted to see what deal could be sorted for me ... we came across a deal .. all good .. id discuss my situation in depth with the advisor including the fact that my father ( who had deposited money for my house ) had a "second charge" on the property .... nothing mentioned about any issue with this .. so paper work signed on the understanding that if i "changed my mind" reg this mortgage offer i would be fined a withdrawal fee of £150 +VAT .. again all fine .. then i had a call from the mortgage Co stating that the mortgage couldnt go ahead unless i had a " deed of postponement " signed byu my father ( who i maight add if out of the country for the forseeable future ) aldo the new mortgage Co wanted sole charge of everything .. needless to say my father isnt happy about this .. hence mortgage cannot proceed .... so i need help as who should be responsible for covering this withdrawal fee ??? any links greatly appreciated as i feel that it the mortgage advisors job to say hey hang on this may cause an issue if u have a 2nd charge let me find out 1st ... as he said i will come across this stumbling block all the time when applying for a remortgage .. sooooo why didnt he find this out before submitting all my personal details to the lender and resulting in much stress and chasing on my part

VNangry

thats the new mortgage company want sole charge not sold charge sorry angry typer :-(

dunstonh

VNangry wrote: »

Hi there .. new to this site so sorry if im on the wrong forum ... wondered if anyone can help me ... my mortgage renewal was due .. i remembered that i had paid a "life time fee " £150 to a certain estate agents .. so off i trotted to see what deal could be sorted for me ... we came across a deal .. all good .. id discuss my situation in depth with the advisor including the fact that my father ( who had deposited money for my house ) had a "second charge" on the property .... nothing mentioned about any issue with this .. so paper work signed on the understanding that if i "changed my mind" reg this mortgage offer i would be fined a withdrawal fee of £150 +VAT .. again all fine .. then i had a call from the mortgage Co stating that the mortgage couldnt go ahead unless i had a " deed of postponement " signed byu my father ( who i maight add if out of the country for the forseeable future ) aldo the new mortgage Co wanted sole charge of everything .. needless to say my father isnt happy about this .. hence mortgage cannot proceed .... so i need help as who should be responsible for covering this withdrawal fee ??? any links greatly appreciated as i feel that it the mortgage advisors job to say hey hang on this may cause an issue if u have a 2nd charge let me find out 1st ... as he said i will come across this stumbling block all the time when applying for a remortgage .. sooooo why didnt he find this out before submitting all my personal details to the lender and resulting in much stress and chasing on my part

I cant see why anyone is responsible. There are certain documents that need to be completed after the event and the deed of postponement is just one of them that could occur. It used to the case that the person in question was told to give it to a solicitor and get it signed in front of them. Nowadays, that doest happen but I cant see why the requirements would prevent you proceeding with the mortgage.

All it takes is the form to be faxed or emailed to your father who can sign and post the original back. Most places in the world have post.

eecjwd

Hi

Not sure if any one can help have phoned Halifax today and asked for my fee back and that is being dealt with they said they would write to me in the next 5 days.

I have also had a mortgage with Mortgage Agency Services No5. is anyone able to give me contact details for them please

thanks
Emma

VNangry

dunstonh wrote: »

I cant see why anyone is responsible. There are certain documents that need to be completed after the event and the deed of postponement is just one of them that could occur. It used to the case that the person in question was told to give it to a solicitor and get it signed in front of them. Nowadays, that doest happen but I cant see why the requirements would prevent you proceeding with the mortgage.

All it takes is the form to be faxed or emailed to your father who can sign and post the original back. Most places in the world have post.

Thanks for the reply ... all sounds easy but they are ok with a fax ... and a signature but they require origional photo ID ... the only form of ID is my fathers passport which he has with him and needs due to travel abroad ... and also he isnt to happy ( as i found out after a 4am thaliand phonecall) for the new mortgage company to have sole charge and they said that they wouldnt re instate his second charge either ??????

gilldee

hi can anyone help us, looking back on our old mortgage forms from kensington mortgages we have realised we payed over £2600 for early repayment charges and £145 for redemption admin fees, could we claim any money back? and how do we start? We got our second mortgage from GE money, and have paid a payment protection plan to a broker that they had, cud we claim anything back from that mortgage? even tho we havent been with them for a few years.

dunstonh

we have realised we payed over £2600 for early repayment charges and £145 for redemption admin fees, could we claim any money back?

On what grounds do you think you may have?

We got our second mortgage from GE money, and have paid a payment protection plan to a broker that they had, cud we claim anything back from that mortgage?

again, on what grounds would you think you have reason for that?

MarkyMarkD

gilldee wrote: »

hi can anyone help us, looking back on our old mortgage forms from kensington mortgages we have realised we payed over £2600 for early repayment charges and £145 for redemption admin fees, could we claim any money back? and how do we start? We got our second mortgage from GE money, and have paid a payment protection plan to a broker that they had, cud we claim anything back from that mortgage? even tho we havent been with them for a few years.

I'd be more interested to know why you remortgaged from Kensington to GE - paying £2,600 in ERCs is a lot of money unless there was a good reason for doing so.

gilldee

hi we remortgaged from kensington to GE because they were offering a better low rate mortgage, looking at one of our mortgage statements from kensington it states that in the full price of the mortgaged owed at the time, a payment for early repayment charges were included in that for £2600. We had a repayment mortgage, we are just wanting advice on this because we have had a few calls off reclaiming companies stating we were wrongly advised at the time of taking out these mortgages, and we could reclaim money that we have over payed to these 2 companies. Are they right at stating that? plz advise us if u can.

dunstonh

hi we remortgaged from kensington to GE because they were offering a better low rate mortgage

Maybe so but you have to factor the cost of early redemption and initial charges on the new mortgage. You cant look at rate alone.

we are just wanting advice on this because we have had a few calls off reclaiming companies stating we were wrongly advised at the time of taking out these mortgages

ERCs are a fair and legal charge and there for good reason. So, you have said nothing that indicates any wrong doing.

Are they right at stating that?

No. They are fishing. You have a cold calling sales rep that gets paid a commission for getting someone to agree to put a complaint in. They will tell you that breathing is wrong if they could get a commission out of it.