Mortgage Exit Fees successes and failures

gentlepurr

hi, can anyone advise me with this one please?

took a mortgage out with A+L april 2006, and redeemed it in Sept 2006 (yes, i know it was very short term) cant get to my paperwork atm to see what was quoted and what i paid in redemption fees, but was thinking of asking for refund on the basis of extemely high redemption fees, as was £90 10years ago, £150 5 years ago, and £295 when i redeemed. would i have a case on this basis alone? (assuming the fees were already £295 when i took mortgage out)

many thanks

xx

MarkyMarkD

gentlepurr wrote:

hi, can anyone advise me with this one please?

took a mortgage out with A+L april 2006, and redeemed it in Sept 2006 (yes, i know it was very short term) cant get to my paperwork atm to see what was quoted and what i paid in redemption fees, but was thinking of asking for refund on the basis of extemely high redemption fees, as was £90 10years ago, £150 5 years ago, and £295 when i redeemed. would i have a case on this basis alone? (assuming the fees were already £295 when i took mortgage out)

many thanks

xx

No, No, and NO! You were quoted £295 when you took out the mortgage and you were charged £295. You have absolutely no equitable basis for complaining. The FSA have been very clear that lenders can charge any amount they like, as long as it's the amount quoted at the start of the mortgage (or when you later switch product or take a further advance).

rooo

We received a cheque for £75 from the Chelsea Building Society today. Thanks Martin!

Mama_2

I wrote to C&G last week for the information and have now recieved a letter stating i'll recieve a cheque for 12.36 shortly. I paid £100 instead of £90 and they've included £2.36 intrest. I'd hoped it was more, but i can't complain!

donna

Hello,

I am hoping to give B&B a call later today to claim back some charges.

I have a Lending tariff sheet service charges leaflet that was stapled to my Mortgage statement in Jan 2001, however i took my mortgage out in April 2000 so am worried that the charges may of been less back then.

Does anyone have a sheet from that time?

My sheet stated a MEAF of £75 and when i exited in March 2006 i was charged £175

Also the telegraphic transfer fee went from £15 to £35 and the Deeds out charge went from £25 to £60. In addition to this it says that the deeds out fee will be waived if it is in connection with the redemption(which it was), so i don't think i should of paid this at all.

Also i had a sale/purchase fall through in 2005 and didn't notice until i got my statement nearly 9 months later that i had been charged £60 for a "request to inspect deeds" at £60. I later found out my solicitor had done this without consulting me. This fee however is listed on the above mentioned tariff sheet at only £18!!!

Can someone advise on which if any of the above i would be entitled to claim back from B&B. I could really do with the money right now.

Many thanks in advance.

Donna x

sbenfield

I rang the Woolwich today and queried the £275 exit fee I'd been charged to redeem my mortgage in April '06. They now have a dedicated free helpline for these enquries and refunded me in full plus interest not only back to the start of my last fixed contract, but back to when I first fixed my mortgage with them in 1990. I have now been promised a credit of nearly £250 to my bank account within the next 5 days. Thanks Martin for a great website !

deemac06

Mama wrote:

I wrote to C&G last week for the information and have now recieved a letter stating i'll recieve a cheque for 12.36 shortly. I paid £100 instead of £90 and they've included £2.36 intrest. I'd hoped it was more, but i can't complain!

Yes you can.
Did you agree to the £90. In writing.
Always follow up a second letter with one of your own and DON'T cash the first cheque.
Ask them to justify the £90. If not, go to the OFT


Good luck

msr

Hi, My first time here. Our mortgage with Abbey National ended in 1997, but AbNat suggested their Deedsafe Scheme whereby a balance of 50 pence was left on the mortgage. The last statement received in February had with it the latest fees. To redeem completely will now cost £225, haven't yet discovered what the original fee would have been. Is this also covered by the current subject being discussed?
Looking for advice. Thanks.

lpb60

Redeemed my mortgage with C&G last year after my husband died - was a bit shocked to pay £225 to pay it off. However following the Moneyexpert advice I phoned them today and was told I should have paid £90 so will get £135 back plus interest. Thanks Moneysavers.:

MarkyMarkD

donna wrote:

Hello,

I am hoping to give B&B a call later today to claim back some charges.

I have a Lending tariff sheet service charges leaflet that was stapled to my Mortgage statement in Jan 2001, however i took my mortgage out in April 2000 so am worried that the charges may of been less back then.

Does anyone have a sheet from that time?

My sheet stated a MEAF of £75 and when i exited in March 2006 i was charged £175

Also the telegraphic transfer fee went from £15 to £35 and the Deeds out charge went from £25 to £60. In addition to this it says that the deeds out fee will be waived if it is in connection with the redemption(which it was), so i don't think i should of paid this at all.

Also i had a sale/purchase fall through in 2005 and didn't notice until i got my statement nearly 9 months later that i had been charged £60 for a "request to inspect deeds" at £60. I later found out my solicitor had done this without consulting me. This fee however is listed on the above mentioned tariff sheet at only £18!!!

Can someone advise on which if any of the above i would be entitled to claim back from B&B. I could really do with the money right now.

Many thanks in advance.

Donna x

There are a few points in there, Donna.

Taking them in turn:

- you should be eligible for £100 (£175 less £75) on the MEAF
- you shouldn't be charged the "deeds out" fee for redeeming, if that's what their conditions say - if they've charged it for that occasion of pulling the deeds out, they shouldn't have
- the "deeds out" fee from when your solicitor requested the deeds is, IMHO, down to you. If your solicitor thought it necessary to have the deeds in respect of a sale which then fell through, that's down to his professional judgement and that's NOT an MEAF because it wasn't charged in connection with a mortgage redemption.