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Redemption Statement Fees - Fight Back!
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Takecareofthepennies
Posts: 606 Forumite
A variation on exit fees:
My previous mortgage lender (Yorkshire Building Society) came up with the novel (well, to me at least) idea of charging a £25 fee for any further redemption statements after the first one (you know how your solicitor or your new lender can sometimes be a bit slow in processing paperwork, resulting in having to request an updated redemption figure).
I challenged them on this charge, along the lines of justifying the level of the fee, pretty similar to the exit fee reclaim argument.
After an initial rejection, followed by the threat of court action on my part, I received a cheque in the mail today. :beer: The fact that YBS found it necessary to point out to me that I was having the fee refunded on the back of the other society members may serve to show they did not like it ...
If any lender tries a similar thing on you, don't let them get away with it!
P.S.: If anybody agrees with YBS's view of how a mutual society should work, I recommend you take a look at their directors' remuneration!
My previous mortgage lender (Yorkshire Building Society) came up with the novel (well, to me at least) idea of charging a £25 fee for any further redemption statements after the first one (you know how your solicitor or your new lender can sometimes be a bit slow in processing paperwork, resulting in having to request an updated redemption figure).
I challenged them on this charge, along the lines of justifying the level of the fee, pretty similar to the exit fee reclaim argument.
After an initial rejection, followed by the threat of court action on my part, I received a cheque in the mail today. :beer: The fact that YBS found it necessary to point out to me that I was having the fee refunded on the back of the other society members may serve to show they did not like it ...
If any lender tries a similar thing on you, don't let them get away with it!
P.S.: If anybody agrees with YBS's view of how a mutual society should work, I recommend you take a look at their directors' remuneration!
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never heard of a fee for a redemption statement!!! bit shocking!0
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