Mortgage Exit Fees successes and failures

parker01

I had a mortgage with Northern Rock 7.5 years ago, I complained about exit fees and they sent me a cheque for £20 recently and I had to sign a disclaimer. However I don't know what my exit fees were 7.5 years ago. Do you think they have underpaid me?

Also I have written to West Bromwich BS and they are currently looking into it for me.

I also wrote to Abbey National and the exit fee I paid 2 years ago was £99, they wanted £225 exit fee in 2007, after complaining they reduced it to £99, so I saved £126! It is worth complaining.

Ningaloo

Rang this morning and within 2 mins of quoting my old Direct Debit reference and will now receive a refund of £145. Thank you very much. Will try C&G in the morning.

In case you can not find your paperwork, here is a tip !!!!!

Register with your bank for on-line banking as this allows you to check your statement back to 2002 (well Lloyds TSB do) so no digging for paperwork just a quick search on direct debits paid and the reference numbers come straight up.

Nice and easy:money:

[Deleted User]

Hi,

I contact Halifax Plc on 0845 120 3033 on and received a cheque for £135.00 on 8th March 2007.

Thanks DROB91111

Nicky321

Not sure how I work out the 8% interest, so could someone take a look at this and let me know if it seems right? and does it sound ok?

Mr & Mrs *****
our address

8th March 2007


Cheltenham & Gloucester
Chief Office
Barnett Way
Gloucester



Dear Sir or Madam,



Re. Account current mortgage number: 5000**********



After the recent FSA statement on Mortgage Exit Administration Fees (MEAFs), I am writing to complain about the charge on the above account when I exited my mortgage contract with Cheltenham & Gloucester.

In particular I note that the FSA stated “if a past customer who has paid a higher MEAF to exit complains, he or she can expect a refund of the difference between the actual MEAF paid on exit and the original MEAF.”

At the time I entered into my contract I believe the fee was in the region of £50.00 however, the fee had increased to around £225.00by the time I closed the account, showing on the mortgage statement I received dated 31st December 2006.

Additionally, I have calculated interest of £14 per year onto the difference of £50.00 original and £225.00 actual figure, 8% has been used as this is the rate the courts use for statutory interest, and therefore ask that you repay me the amount of £175.00 + £70, making a total of £245.00.

I look forward for a full response to this letter within 14 days.

Yours faithfully,





Mr & Mrs ****

Mr_Polo

I used Martin's template to send a letter off to Natwest and they sent me a letter back saying they would look into it. A couple of weeks later i got another letter back with a £140 cheque attached...nice one!

Cheers Martin http://www.moneysavingexpert.com/img/ml-thumb-spin2.gif
:money:

MarkyMarkD

18grorm04 wrote: »

We removed last September, and paid off our Bistol & West mortgage in full. At the time, I complained about the exit fee of £195, only to be told that it represented the true cost to the bank of the administrative costs involved. I had transferred our mortgage to B&W in January 1999, at which time the MEAF was £100, according to the leaflet supplied then. Having read Martin's article in January, I approached them again, claiming £95. I received an offer to return £57.50 to me. They say that there was always an additional fee of £37.50 to provide the property deeds, but that this was not quoted as part of the MEAF then, but nowadays it is included in the £195. The original leaflet is not clear about this, to put it mildly.
Can anyone comment on this? Would it be best to accept the £57.50, or fight on?

It sounds quite feasible that they would have had a separate deeds production fee in 1999 - many lenders separated this out from their other redemption charges. I should accept it unless you have any good reason to believe they are wrong.

MarkyMarkD

Nicky321

You really don't need to tell them how much to repay you. Just tell them that you want your MEAF refunded to the amount stated in your mortgage offer plus interest.

ollywood68

does anyone know the chances of success with the Nationwide? there doesnt seem to be any listed on this link

NLRO

Thanks for the FSA MEAF information Martin, much appreciated.

Our MEAF was quoted as £90 on our original A&L 1996 Endowment paperwork but they charged £295 as part of our switch to another mortgage provider last year. I complained at the time of the switch but got nowhere.

Now that the FSA has made this announcement I have sent my own MEAF letter to A&L asking for the £205 difference back. I have had a letter back saying they are looking into our case. I hope for a fair outcome this time.

Nicky321

MarkyMarkD wrote: »

Nicky321

You really don't need to tell them how much to repay you. Just tell them that you want your MEAF refunded to the amount stated in your mortgage offer plus interest.

thanks for your reply, but dont i need to inform them that I would have paid 2 MEAF's (that way they cant get away with just refunding me on one)