Mortgage Exit Fees successes and failures

Eskimo_Nell

Having read Martin's article on mortgage exit fees I looked through the documentation of the two mortgages I have had over the last 6 years - one with Halifax and one with Bank of Scotland.

Both had over charged me but following the advice on this forum, after a five minute call to each I received a total of £185 within 5 days.

Both banks belong to the same group but it was two separate helplines which dealt with my queries. Both had calculators which they used to determine how much I had been overcharged. I agreed with BoS but Halifax got both the original quote and the amount I'd paid wrong. To their credit they never quibbled when I pointed out I had documentatation giving different amounts and sent a cheque for the sum I claimed.

Thanks Martin for your excellent advice!

MarkyMarkD

Toddy wrote: »

Hi,

I paid £225 last Decemeber to exit the Abbey. Just got a cheque for £126. That means they charged me £99 admin fees. It should only cost em £35. They still have £65 of my hard earned. Should I push for it? Have I much chance of success of getting this balnce owed? Is there a letter template for those that have received part re funds?

Help would be appreciated.

Thx,

Toddy

Quite simply, NO. MEAFs are not a penalty for breach of contract, therefore they aren't an unfair penalty, therefore there is no legal basis at all for Martin's "militant approach".

Do you really want to go to small claims court with a case which says "my lender has paid me back exactly what the FSA have said is the right amount, but I want more based on a spurious understanding of the law"?

MarkyMarkD

buster999 wrote: »

EARLY REDEMPTION PENALTY - ROOFTOP MORTGAGES

Going after this company after they charged me a whopping £5,400 as an early repayment penalty, for redeeming the mortgage after 2yrs. I was outside of a fixed term and whilst I accept the ERP was included in the contract this seems somewhat inflated don't you think??

No. They can charge what they like and you agreed to it. Rooftop Mortgages sound like a dodgy lender; presumably you were lucky to get a mortgage at all. Dodgy lenders often charge higher ERCs than more reputable lenders as their overall losses are far higher and they need to make money some how.

kazza1_2

Received a cheque from Nationwide yesterday enclosing a refund cheque of £90 for the exit fees that they charged me. Initially when I took out the mortgage with them the charge was £0. When calling the Nationwide to ask them about reclaiming I was advised that the Board would be making a decision in April and that I should wait until then before contacting them. I decided not to wait and sent the template letter that Martin recommended. It did the job.

I am now waiting to hear from Abbey (who send you a form to fill in).

Don't wait get claiming. Good luck and thank you Martin.

WilChil1964

Quick question:

I wrote to the C&G last week at the address given, I haven't had a reply yet, but have just seen here http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=417037&in_page_id=8 that the C&G prefer customers to ring for a refund.

Anyone else written to the C&G? Did you have success? Should I ring them as well or wait and see if they write back? How long should I wait?

WilChil1964

MARTIMAN

Anyone had any dealings with Future Mortgages?

After a 2 min phone call to the Abbey, was told they will be sending me a form to fill in.
Rang Future Mortgages & the woman i spoke to, didnt seem to have a clue what i was talking about & gave me an address to write to. Does anyone know what their exit charges were 6 yrs ago?

vegas23

Phone call to Halifax about a mortgage taken out in 2000 (with no details apart from postcode) resulted in the promise of £25 cheque.

Phone call to Barclays/Woolwich resulted in a total of £110 to be paid into my bank account within 5 working days. For one of the mortgages I only had the postcode but the guy found it and refunded it.

Not bad for 15 minutes work.

Well chuffed :beer:

samuela66

KTF wrote: »

When did you take the mortgage out and when did it end?

Hi KTF,

I think I took the mortgage out on a 2 year fixed (it was my first) in March 2001, on my solicitors letter it says amount owing plus a mortgage discharge fee of £75, I know its not much but I may as well have it!!! My letter is dated March 2003............

many thanks
Sam

kayakgirl

while i havent got the cheque in my hand yet....

I did as many of the other readers did - phoned halifax - didnt even have any details to hand and the girl at the other end of the phone was very nice and told me that i should expect a letter within 28days with a cheque for £100 - so hears hoping that the cheque comes through.

thanks martin for the information - well worth visiting the site and have passed the link onto everyone i know...

thanks again...

:T :j

Devon_Lass_2

Phoned the Halifax last Wednesday, and was told I was entitled to £100 back and would get a form in the next 28 days.
Today only 7 days later a cheque arrived in the post. Wow that was so easy and trouble free. Thanks Martin.