Mortgage Exit Fees discussion

libbyliberty

Sweepie wrote:

If it's not stated in the agreement then they can't charge you for it. NatWest tried it with me £225.00, but I mentioned it wasn't in the agreement I signed, which is legally binding by the way and they dropped the charge.

Thanks, I do not remember signing an offer letter, I am sure that I did but the letter I can have is a copy of the formal offer it has all the amounts that were agreed so I will def call them and ask for the money back in the first instance and see what they say. Thanks for the reply.

gillian27

Hi, we have just sold our house, and we will be paying back our mortgage before the end of our 3 years fixed rate ends, and i have been quoted an early repayment fee of £2261.00, is there any way around this fee.:mad: Also there are discharge fee's and an amount that we got as a cash back option when we took the mortgage out to add it to it, so it is mounting up.

regularsaver1

I'm afraid with this gillian - the fees would have been in your offer, as it was your choice to sell early

unless you take a new mortgage with same lender on new property to avoid the fees?

the thread is on about discharge fees not early repayment fees

davidscot

In the table shown on this article HSBC do not seem to charge, is this correct? I moved from HBOS to Nationwide BS last year when moving house but would be interested to find out if they were due me any money.

djb_2

pixelchick10 wrote:

I'm fairly sure it was £85 in Dec 2004 when we took out the 2 yr mortgage but dont have the origional paperwork - can anyone help? Thnks!

I took out a 2 yr tracker mortgage with abbey nov'04 and having looked through all my original paperwork cant find any reference to an exit fee yet have just been charged £225. Can anyone help?

MSE_Martin

In the table shown on this article HSBC do not seem to charge, is this correct? I moved from HBOS to Nationwide BS last year when moving house but would be interested to find out if they were due me any money.

I think you may be confusing two banks - HBOS (is the halifax bank of scotland) and HSBC is what used to be called the Midland Bank

Martin

cdsheldon

When I redeemed my mortgage in 2003, I was told by Abbey (National) that Scottish law requires that the services of a solicitor are used. I was charged a total of £121.13 by a solicitor for this work to be done, and therefore assume I will not be able to make a claim for this amount. However they still charged me a £99 deeds handling fee which I intend to claim back, as no charges were mentioned in my original mortgage documents.

I would be interested to hear the experiences of other forum readers in Scotland.

MarkyMarkD

ManAtHome wrote:

I'd agree on that one - used to be a "deeds release fee", think it was around £50 10 years or so ago.

Main problem is they've all been under-pricing mortgages to nick market share, so have been ramping up "release fees" to get the bottom line back in shape when people find that last years cheapy isn't this years.... tough!

Although it doesn't affect me, I do hope the FSA rules that they can only extract fees mentioned when the contract was signed, anything else would be licensed robbery (although not a new concept for the finance sector).

The only significant lender who has introduced a charge where one didn't exist before is the Nationwide. Most other lenders charged something, but the amounts have generally increased.

Apart from the earliest increases, the amount of the MEAF will have been very clearly pointed out in the KFI documentation now required since mortgages became regulated. The people affected are, in the main, those who redeemed between 2003 and today but whose mortgage started prior to 2004.

annie42

Hi jonberg - have posted a similar question on the other mortgage forum. I had four mortgages, all with Nat West. I took out the first in April 04 and the others in September 04 but don't have the original paperwork that would tell me what their exit charges were then. You say it was £50 which is very good to know but please can you tell me how much they repaid you out of the £225?

MarkyMarkD

djb wrote:

I took out a 2 yr tracker mortgage with abbey nov'04 and having looked through all my original paperwork cant find any reference to an exit fee yet have just been charged £225. Can anyone help?

Abbey would definitely have referred to this in Nov 2004. They might have called it a redemption administration charge, a deeds release fee, an account closure fee, or anything else, but they certainly were charging it then and would have referred to it somewhere.