Mortgage Exit Fees successes and failures

dunstonh

shellb30 wrote: »

Hi I am a totall newbie please help!
I had my 1st mortgage with GE money that I paid off in January 2007, I had only had the mortgage for a year and they charged me £8000 early settlement fee, when enquiring if I am owed money I don't know whether to go down the PPI or mortgage exit fee route or both, please does anyone know what I should do. I just wanted to get some advice before I sent a letter!!
Many thanks in advance xxx

The £8000 would be an early repayment charge. They are not reclaimable. They are not the exit fee that this thread refers to.

If you have a PPI complaint you should make it. However, most GE mortgages are done via brokers and you would complain to the broker. There is nothing wrong with PPI. The issue is whether it was sold or set up correctly.

travid

I was wondering if anyone can be of help to me.
I had a mortgage with Abbey National up until 1999. I have written to them asking about Mortgage Repayment Rees, but I do not know my old mortgage account number. I have told them of the dates we had the mortgage with them, the address of the property, my old bank account number and even sent them a copy of a statement of account from the solicitors when we moved, but this doesn't show confirmation of the mortgage provider!:(
Santander are saying they only hold mortgage records for 5 years after closure, and as I am unable to provide any account numbers or reference, then they are unable to refund any charges. Next step to complain with Financial Ombudsman Service.
How do I find the old mortgage number?
Thanks!

dunstonh

Santander are saying they only hold mortgage records for 5 years after closure, and as I am unable to provide any account numbers or reference, then they are unable to refund any charges. Next step to complain with Financial Ombudsman Service.

The FOS will not hold on documentation on you. So, unless you find records of how much your agreement was and how much it was you paid on redemption then the FOS will not be able to do anything with your complaint.

travid

Thanks. Unfortunately FOS were no help. looks like I'll have to give up on this, as I have no paperwork. Shame

misselvis

Just wanted to pay on my thanks to the MSE gang, after two weeks of sending my templat letter recieved a chequre from Birmingham Midshires for £150. Result- did not think I would get a penny- they did not add on any interest but was more than pleased with the actual outcome. I would encourage people to give it go- just for a few minutes of your time and a postage stamp.

Many thanks

DAVID_RATCLIFF

One 3 minute phonecall to Halifax and I got a reply 4 days later offering me £150 full exit fee refund from 2005.
Have pushed the boat out and requested 8pc interest . Will keep you posted .

02112273

Quick Question, wondering if anyone is in the same position (don't quite have time to read through the 185 pages!)

My mortgage fixed term, taken out in June 2007 is coming to an end, and has a £295 MEAF fee, or Redemption Charge as they have called it. Now, as a wee young ankle snapper 5 years ago, I didnt really understand.. alot about anything, but had always presumed this was a fee, should i wish to redeem early (I knew there was a redemption charge as a percent, I thought this was an additional admin fee of leaving Alliance and Leicester.)

However, now I'm looking to leave Santander (who have been shockingly bad since taking over from A&L) they say this fee is payable? I havnt got my mortgage contract out yet (apologies, I know I should do this before commenting on a forum) but if FSA say that in 2007, MEAF were too high, how could they continue in August to justify a £295 Exit fee?

Has anyone had any similar experience, ie not, yet paid the fee, but trying to escape it?

Thanks in advance

dunstonh

but if FSA say that in 2007, MEAF were too high,

They didnt. The FSA was concerned about the way they were rising between contract signed and redemption.

how could they continue in August to justify a £295 Exit fee?

Because that is what you agreed to when you took out the mortgage. A&L were one that used the back end charge to keep the front end charges down and encourage you to stay.

02112273

dunstonh wrote: »

They didnt. The FSA was concerned about the way they were rising between contract signed and redemption.


Because that is what you agreed to when you took out the mortgage. A&L were one that used the back end charge to keep the front end charges down and encourage you to stay.

Cheers..

Hmm, fair enough. I must have mis read the FSA concerns - I thought they were meant to reflect actual costs, so £295 is too much. Appreciate I signed to the Redemption fee, but if FSA were concerned about the levels of fees, then I assumed there may be a case under UTCC.. I'll have a little moan down the phone, see what happens but its factored in to the remortgage costs anyway.. Santander, great for savings, torrid for everything else

dunstonh

I must have mis read the FSA concerns - I thought they were meant to reflect actual costs, so £295 is too much.

You did misread I'm afraid.

Appreciate I signed to the Redemption fee, but if FSA were concerned about the levels of fees, then I assumed there may be a case under UTCC.

They were not concerned about the level of the fees as such but the way they were increasing. The FSA ruled that they people should be charged the fee that was in place when they bought the mortgage or the last deal they bought (if later).