Mortgage Exit Fees successes and failures

Kazykazbar

i got a refund of £75.00 after following MSE thankyou:j

Lolli101

Hello I'm confused and looking for knowledge from those of you who are more informed please.

Mum just sold her house and paid off her Santander mortgage, on the solicitors statement it lists the amount paid to Santander and also a figure for 'Mortgage Administration Fees' ? Are these fees mortgage exit fees that people are reclaiming?

I'm surprised that my mum has not received a final statement of the now closed mortgage account? Does anyone know if she should of received one? I note the amount paid is about £1,000 more than I expected and I've no idea why?

I notice added to the mortgage is a 'hefty' sum described as 'a booking fee for the Santander product'? Is it normal practice to be charged this?

Anyone know who Platform mortgages are owned by and who I need to contact about early redemption fees?

Also Birmingham Midshires?

Thank for any helpful advice.

Padsta_Tel

I was steered to this site by my local high street bank to get a template for PPI and I noticed someone had claimed money back for Mortgage Exit Fees so gave it a go I was charged 225£ at the time I challenged the operator and I was told this is a standard fee to which I replied it was a rip off she told me it was admin costs and land registry. Rang Santander and complained the operator told me the fee was 90£ and the 225£was a standing fig and they refund the remainder later on or would they if I hadn't contacted them thanks martin.:money::money::money::money::money::money::money:

dunstonh

Mum just sold her house and paid off her Santander mortgage, on the solicitors statement it lists the amount paid to Santander and also a figure for 'Mortgage Administration Fees' ? Are these fees mortgage exit fees that people are reclaiming?

Almost right. The FSA ruling was that the charge should be the same on exit as it was when the mortgage was set up (or later deal purchased, whichever is later). So, if the fee charged is the same as what was agreed on set up/last deal then it is not what people are reclaiming. They are reclaiming any difference.

I'm surprised that my mum has not received a final statement of the now closed mortgage account? Does anyone know if she should of received one? I note the amount paid is about £1,000 more than I expected and I've no idea why?

Typically arrives around a month after redemption.

I notice added to the mortgage is a 'hefty' sum described as 'a booking fee for the Santander product'? Is it normal practice to be charged this?

Yes

Anyone know who Platform mortgages are owned by and who I need to contact about early redemption fees?

Early redemption charges are not the same as MEAFs. These are charged when someone is breaking a special terms deal. These are not the charge being discussed in this thread. They are fair and unchallenged.

Lolli101

:cool: thanks Dunstonh I was hoping you'd advise however another question re; Platform, I don't know how to add quoted answer but to say I didn't mean redemption fee, I meant Mortgage exit fees? Mum wentto Birmingham Midshires so would like to contact Platform to check for any MEAF.

I have her Platform mortgage account number but I've no idea which lender to call?

Same for Birmingham Midshires?

Its been 8weeks since Santander mortgage was paid but haven't received the final closed account statement, should I call them?

Do you know anything about consumer credit firms that do secured loans on a mortgage that I can see are registered on the FSA/FCA but the register states the company I'm enquiring about is 'no longer authorised'.

Is there another register that regulates the services this company provides? Tried looking on the OFT Licence but not having any luck finding if any governing board is regulating them, any ideas?

I sincerely thank you for taking your time to assist me.

pomygranitedad

First time i've written here but i am so happy i persevered with the tip about mortgage exit fees. Took me half a day to scrabble all my info together about my previous mortgages but two of them were with the Woolwich and to cut a long story short i have been sent a cheque for £60 on one of them and another cheque for £106 on the other as i had overpaid on these exit fees, included in that is also interest which they added without me asking! Fabulous. I love this site!

LIVERPOOL1

Hi after reading through mse site about motgage early exit fees i thought id drop halifax plc a line on monday 20/05/2013. I got a call from them the next day 21/05/2013 saying they would look into my claim, recieved another call 22/05/2013 saying a cheque for £225 was in the post, hows that for customer services....

Norphilwich

Hi I'm new to this site although have been following for a while. About 12 weeks ago I sent a letter to accord mortgages reference my exit fees. After a week they sent me a letter stating that they have 8 weeks to reply but as of yet still nothing? Has anyone else received..had the same problem? If not any advise would be greatly

dunstonh

Norphilwich wrote: »

Hi I'm new to this site although have been following for a while. About 12 weeks ago I sent a letter to accord mortgages reference my exit fees. After a week they sent me a letter stating that they have 8 weeks to reply but as of yet still nothing? Has anyone else received..had the same problem? If not any advise would be greatly

They are treating your request as a formal complaint and are looking at it that way. You just have to wait to see what they say.

willow040406

Hi there, I have been made aware that Mortgage Exit Fees of over £50 are illegal, we are remortgaging from Lloyds as the mortgage they gave my partner is a joke, but im confused the fees seem exceptionally high, both at the front end and at the back.

Can someone shed some light pls.

Front end of Mortgage was Product Fee of £995
Application Fee of £99
Transfer of Funds Fee of £35
Solicitor fees of £415

We are 4 ish years into a 5 year fixed term mortgage which is a 27 years
and we are wanting to move to nationwide,as they can offer us a way better rate over a way shorter term for more money.

Lloyds Tsb are wanting £2203 Early repayment Charge, now what i don't understand is that as far as i can read an Early repayment charge is just the same as an exit fee but they can get away with it because it is not called an exit fee, however although i am only changing lender not necessarily paying off a mortgage early (although i know technically im borrowing off one lender to pay off another)

I also don't beleive that Lloyds did the best they could for my partner when he took the mortgage he did only have a short period of time to get a mortgage and in short they have ripped him for what they can, he has impecable credit and he has a steady income with a corporate Giant yet they put him on a 6.3% mortgage in 2009.

The fees are outlined in the mortgage aggreement but none of them are highlighted or in bold (something else i am aware that is a must)
I just think the fees on this are exceptionally high both at the start and at the end of the mortgage , plus he has ppi on it which i'll be looking into and it states in his aggreement (Insurances that must be taken through Lloyds TSB - PPP of £38 per month, now im sure this is illegal in itself as it did not have to be through Lloyds) The Aggreement is full of contradictions.

I know I have wrote a lot but can anyone shed any light.
Thanks Willow