Mortgage Exit Fees successes and failures

MarkyMarkD

mor7s wrote: »

They won't pay interest as they reckon FSA didn't say they have to

It's not a case of them reckoning. The FSA did not say that any lender should pay interest.

alyhyena

Hi

I had a very quick response from Bristol and west. As a goodwill gesture they are offering £50.00, thats the difference between £150.oo that we were charged at the time we repaid the mort and £100 that was quoted at the time of application.

Do i except or not

alyhyena

Hi

Just telephoned Woolwich 2 min call and they will transfer £100.00 plus £7.45 interest within 7 days

Thank you martin

harriboy

Excellent advice.

Two letters, C&G and Nat West, 10 minuets of my time and two stamps resulted in £149.19 from C&G and £140 from Nat West.

Don't put it off do it now!!!

louised

Just had a cheque for £90 this morning

Now just waiting to hear from the Derbyshire, already had just a £5 from Nottinghamshire Building society.

Thanks Martin:beer:

Rob2007

What an organisation! We took out a mortgage in 1999, and have renewed three times. The first two renewals were okay deals, but believing that being a member meant you had a stake in the organisation, we stayed - no fees were charged. However, out third renewal, and wham: fees to renew. We were offered three deals; two which were middle of the raod deals, for a cost of £199, and one deal (a tracker at 6.99%, when the bank rate was 4.25% - not a deal at all - with no fee. Yes, you guessed, they want money and are quite happy to waive the fee for an option that nets them more in the end anyway!). We also wanted to change part of our mortgage to repayment, from interest only - an additional £60! We obviously enquired why we were going to have to pay £199 plus an additional £60 (both admin fees) and were given no explanation. In fact, one telephone operator actually tried to say the £199 fee was built into their 'complicated' formula to ensure we got a good rate - (wha?!), but the £60 was to cover costs of organising the paperwork. So, we decided to shop around, got a better deal with no introductory fees. We were informed that the exit fee was £199 (funny - wonder if that same formula was used to calculate this!). Two letters of complaint and they refused to refund us, so we went to the Ombudsman. Oddly, the day after our rejection letter, a cheque for £99 arrived, with a "we still think our fees reflect the work done, but as a gesture, we have decided to refund you £99." Nopt satisfied, I wrote again threateneing legal action due to their lack of clarity and illegal fee (for which they never did give us a breakdown in costs - must have been a secret formula). I demanded an additional £50, and within 5-days - a cheque for £50 (total of £149 back). No explanation still! In the end, they treat you like a customer - with no intention of validating your membership (they think there is no difference between the two, as I have had many an argument with junior staff about this distinction - yes, junior; your lucky to get anyone with any decision-making power. The guy who advised us on our mortgage the last time was a "Customer Service Level 1 Representative": I'm not making that title up - look for yourself - this is one of the reasons we left!) - and the £199 fee to renew and exit fee was no coincidence - they do not want you to go and find a better rate (for which Dunfermline Building Society doesn't offer - they do not even figure in the top 20 type of any mortgage that would suit your needs!) and encourgage you to stay by making both fees the same (which is quite stupid, since if its the same, go for the better deal...in any case, the exit fee is contrary to s.5 of the Unfair Terms in Consumer Contract Regulations 1999: that is, they broke the law! Get your money back! Send them in the template letter (it will take a few times) because all they will do is send you a template letter back. You need to go through three letters to get your money back do not be intimdated to argue for your entitlment against a big, faceless organisation - use the template and be persistent. You will get your money back in the end (it only took me three weeks)!

Rob2007

We also had this problem with Dunfermline Building Society - however, you must understand that a drone is sending you out a template letter. You need to be persistent. Under the Unfair Terms in Consumer Contract Regulations 1999 they must (by law) demonstrate that the fee charged complies with the Regulations: i.e., are justified - giving you a complete breakdown of the costs. Simply saying (which they did to us) it covers such costs as filing, title deeds, etc, isn't good enough, since it must reflect the costs incurred by you personally, not generally. In any case, three letters later, of the £199 they carged us, we got back £149 - Let me know if you want any more advise, but be persistent! They only slot you name in a standard letter.

Rob2007

Be persistent! You will get your fees back. Threaten legal action under the Unfair Terms in Consumer Contract Regulations 1999; they will jump! You te'em how high!

worrypants

£75 on the way from Halifax very very strightforward phone call and this was over 4 seperate mortgages I only had to quote one roll number
huge thanks everyone

Locket_2

:T

£50 on its way from Bristol and West. Mortgaged in 2000, exited 2003 and had no idea how much I'd paid to get out. One letter later and voila! All for the sake of a 1st class stamp.

Many thanks for bringing this to my attention.

Happy Days!!!!!!:T :T :T

Just one thing..........should i be concerned about bit at the bottom of my letter, in the tone of: 'please sign here to confirm you will never speak to us again about this matter, we mean, ever, as long as you live'??? :eek: