Mortgage Exit Fees successes and failures

MarkyMarkD

Hi Gilean

You can use "edit" to edit your own post, if you notice a mistake.

And then you can use "edit" and "delete this post" to delete your correction post which then won't be required!

It keeps the forum tidier. MMD

sunlinesam

Hi there all,

Ive tried to read as much of thread as i can but i havent seen anyone else with same question as me.

I am currently possibly remortgaging.

I have a mortgage which was originally the N&P now the Abbey of course and i started that in 1993. All my documentation states the exit fee as £55 but of course Abbey currently ask for £225.

My questions therefore are -

1) As i am only just arranging a remortgage do i contact Abbey first for a lower arranged fee prior to completion or do i pay the £225 and then hopefully claim the difference back?

2) Presumably the fact the mortgage started with the N&P before they were 'morphed' into the Abbey won't make any difference regarding the original stated exit fee i have on my paperwork from 1993?

Any help or advice gratefully received,
Thanks in advance,
Sam x


EDIT - Whoops may of put this in the wrong forum apologies if i shouldnt of put this here. Ive just added it to the new discussion thread.

izzyg_2

Just a quick message to say thanks for highlighting this, I wrote to Northern Rock and within 2 days they'd offered me a settlement. 3 weeks later, my credit card bill is £55 lighter and I'm a bit closer to debt free. Thanks, Izzy

Kilda_2

I have today received a second cheque from Portman BS
We re-mortgaged in March 2003 and they charged us £199 exit fee.
I copied the letter from MoneySavingExpert and they sent me a cheque for £49. In the meantime I found the illustration they gave us in Feb 2003 prior to us taking out the mortgage in March 2003 and this listed the exit fees as £90 so I faxed that to them.
And they have now returned the extra £60. They have provided me with evidence that the fees went up from £90 to £150 on 1st March 2003 but as that was after they had provided us with the illustration they refunded the extra £60 anyway - RESULT.

sand61

:hello:
I rang Halifax with no more than my name, address and date I paid off mortgage. This info was passed onto dedicated claims dept.
Received cheque within a few days for 100.00 accompanied by letter confirming my acceptance of their offer in full and final settlement.
I informed the Halifax I had not received an offer, just the cheque, and that I wished to claim interest at 8% on the 100.00, again this was passed on to another dept. :rotfl:
Having no response for a week, I rang today and was put through to a manager, he asked why I was claiming interest at 8% when if I'd saved the money it would have earned maybe 4-5%, I mentioned info on this site.
I was then asked if I was after 8% of 100.00, I said yes-for 2 years 9 months roughly 22.00, he said he'd round it up to 25.00-cheque on it's way! :T

Thanks. Great site Martin!

stormwood

Fantastic, i submitted the template letter and received a cheque for £220 no quibbles at all from A & L. Thanks folks.

peteosa

Closed our Abbey Mortgage Account in Nov 2005 and paid approx £275 exit fee. Following MSE.com advice I wrote to Abbey and we received £130 back.

Well done MSE - stick it to the man!!!

poppy_the_saving_cat

Hi there i wonder if anyone can help me please.
I had a mortgage with First National which i paid off early feb 2005, i was charged £263.32 redemption fee, £75 admin fee and £50 deeds supply fee.

Are all these fees normaly charged separatly or have other people just been charged a redemption fee with these other two fees included in it.

Its late sorry and cant explain it any better!! lol x

mayb_2

All of these sound like MEAF's and at a very high rate as well - some firms do quote them separately but they are all to finalise the mortgage. What did your documents say you would be charged when you took out the mortgage originally and were they itemised in this way? If they were and they are as quoted you wont be able to claim unfortunately because you would have accepted them at the time.

MarkyMarkD

I wouldn't be surprised if only the £75 and £50 are MEAFs in that case, and the £263.32 is actually penalty interest, particularly because of the non-round-sum amount. If it was First National was it a second charge mortgage, and was the amount not particularly large?