Mortgage Exit Fees successes and failures

dunstonh

Has anyone had success from the Ombudsman when beyond the time limit?

There is no time limit.

Steve_xx

dunstonh wrote: »

There is no time limit.

It might be statute barred under the Limitations Act 1980.

dunstonh

Steve_xx wrote: »

It might be statute barred under the Limitations Act 1980.

Doesnt apply to FSA regulated areas.

My guess it is not a timebar in law or FSA guidelines but the fact they have destroyed the data.

kaya64

the halifax charged us £450 exit fee five and half years ago .

pbassek

02112273 wrote: »

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

Im in this same situation - dont want to pay £295 to switch!! Ridculous - 02112273 - How did you get on with your moan down the phone?? Thanks!

dunstonh

pbassek wrote: »

Im in this same situation - dont want to pay £295 to switch!! Ridculous - 02112273 - How did you get on with your moan down the phone?? Thanks!

Simple answer to that is not to switch. However, whey did you buy the mortgage with that fee if you think it is ridiculous

pbassek

dunstonh wrote: »

Simple answer to that is not to switch. However, whey did you buy the mortgage with that fee if you think it is ridiculous

Thanks for your realistic answer, however as 02112273 said in an earlier post, when I got my first mortgage I was a newbie, didn't understand everything 100% and never thought about remortgaging at a later stage to save money... You live and learn...

I think for you to say that the simple answer is not switch is pretty silly considering you are an Independant financial advisor. By switching, even with the £295 fee I will save money - why is it better for me not to switch?

I know I will have to pay this but I just wanted to know what success 02112273 had by moaning down the phone...

dunstonh

I think for you to say that the simple answer is not switch is pretty silly considering you are an Independant financial advisor. By switching, even with the £295 fee I will save money - why is it better for me not to switch?

You seemed focused on the £250 that was all. Lenders like A&L used to put the £250 on the end as an incentive to stay but buy a new deal with them as you wouldnt be charged it then.

bestmoomy

MikeJ37 wrote: »

Just phoned Cheltenham & Gloucester and they offered refund of additional amount plus interest straight away.:rotfl:

I made that phone call and they said they would work out what they owed me and pay into my account.

Well I paid £225 early fee and have refunded to my account £54.48.
Where's the other £100+ and should I go to the Ombudsman?

Staffielover

I contacted First Direct today and after a lengthy phone call with a number of different customer service representatives FD agreed to pay me back £195.00. :jI then asked if this amount would attract interest. After consulting with a colleague I was told that interest would be paid and the total amount would be calculated for me. I received a phone call after 6pm and was told that I'd be paid another £75.00, totaling £270.00. :beer:
I was told the money should be in our bank account within a week. If you haven't done this already I would urge you to do so. I'll be contacting Alliance & Leicester next and will be using First Direct as an example of good practice if I get any flak.