Mortgage Exit Fees successes and failures

stormwood

iv'e just received £220 from Alliance and Leicester.. the template letter works!!! Many thanks MSE

denise38

Cheque received today from Abbey for £126 a week after I posted a letter. I had no idea if I was eligible or not as mortgage taken out 2004 and redeemed April 2006.
So to date I have had £25 from Halifax for mortgage redeemed in 2002 taken out 2000. ALso £112 from Woolwich for mortgage between 2002/2004.
Thanks Martin more money added to Holiday fund tin although we now have a kitten fund tin for the cat we are getting next week.

MarkyMarkD

BB77 wrote: »

I took out a 2-year fixed rate mortgage with the Portman Building Society in April 2004 and redeemed it in June 2006.

When I redeemed the mortgage, I was charged a redemption fee of £199.

However, when I took out the mortgage I was informed that there would be no redemption fee after the early repayment period, which in this case ended in April 2006 - I still have a copy of the original terms and conditions.

I wrote to complain and within a week I was sent a cheque for £49, which is the difference between the charge we paid and the current exit charge quoted in terms and conditions of Portman BS mortgages being taken out now.

However, I am not happy with this as the correct fee should be the difference between the original fee (nil, or rather, the cost of administration so say £50) and the amount I was charged so I'm sending the cheque back and complaining to the Financial Services Ombudsman. Will let you know how it goes.

I haven't seen Portman's Ts & Cs, but I do not believe for a moment that they didn't charge an MEAF in 2004. I believe that you are confused by the terminology. Your early repayment charge/redemption penalty reduced to zero after two years, but your liability for MEAF (aka deeds release fees/redemption administration charge) would not. Nationwide are the only lender of any size (Standard Life are also one, but far smaller) to have introduced an MEAF where there was previously none.

Jdubb

I had a mortgage with GMAC; anyone any experience with trying to get excesses back from them pls? As I understand it unfortunately they're not regulated by the FSA and the like so I reckon they're likely to laugh very loudly and then hang up even louder!

animar

MOTORCYCYCLEMAN wrote: »

Sent letter to Standard Life Bank complaining about exit fee of £200
5 days later got a 2 line letter and cheque for £200 !!!
I did wonder if rules might be different as Standard Life Is Scottish based
Thats the easiest money ive ever had CHEERS MARTIN YOURE A STAR

Hello MOTORCYCLEMAN can you tell me what you said in your letter to Standard Life. I want to claim my fees back too, and as you have been successful wondered if you would share your approach. Any advice gratefully received.

Thanks

roysal

What a result! Wrote one letter asking for refund of fees, filled out one form and hey presto, cheque for £130 received this morning. Easy peasy. Thanks to Martin. You are a star!! :j

NLRO

Thanks Martin !

A&L have just confirmed today they are refunding £245 of the £295 MEAF they charged us when we switched mortgages last year. This is great news considering we feel the mortgage we switched from was a poorly sold endowment mortgage.

This positive result has made me revisit the idea of pleading our case again with the FSCS or FSA over our endowment mortgage losses.

BROKERTHANBROKE

Yep - it works. I redeemed a mortgage 3 years ago, dug out the paperwork last week, found I'd been charged £150 when original mortgage offer said Nil. Phoned Standard Life Bank - 5 minute call & £150 on it's way within 5 working days.

It is such a good feeling getting your own back on these big finance companies who make billions at our expense!:j

stressedofdevon

I have been meaning to chase this up for weeks since Martin first mentioned it, but was reading this thread last night and you all made it sound so easy (with the odd notable exception), so I got on the phone this morning and C&G could not have been more helpful.

I usually play around on the competition forums but this is my best win yet! If anyone has charges to reclaim from C&G don't hesitate to call them. I dealt with someone called Michelle who was lovely, explained they would refund interest too and didn't quibble at all. They have funds put aside and are happy for you to just claim over the phone. Excellent! Thanks everyone as I thought I would have a battle on my hands but you gave me the courage to make the call. :j

GW65

Newcastle are now issuing refunds (having originally rejected my claim) although they do insist on the request being made in writing. They're refunding the difference between the original MEAF and the MEAF paid on redemption. In may case this was £175 (December 2006) versus £100 (May 2003) so got a refund of £75.