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Changing fees on a mortgage when rights sold
likeanswerpls
Posts: 2 Newbie
Can anyone advise me on this please?
I took out a mortgage with GMAC in Dec 05 fixed for 2 years, it was transferred to North Yorkshire Mortgages in March 06 they then sold the rights to SPML in June 06. The original letter from GMAC advising me of the change states: "In accordance with the terms of your mortgage, there will be no change to the current terms and conditions of your account". I took this at face value as I presumed I signed a legal contract to accept GMAC's t&c's. I also received a notification from SPML in July again saying there is no change to the t&C of your mortgage.
Yet, I was asked to pay £25 renewal insurance fee (as my buildings and contents insurance is with another company) and will be asked to pay another £25 on the mortgage renewal date of 7/12/07 - days before the fixed rate ends. Can they do this? I rang them at the time and they said they can change anything at any time, although I challenged it. I paid up and sent a chq as they said they would just add the £25 to my mortgage (and thus pay interest on it). On checking for possible 'sealing fee' differences today, I find that the redemption admin charges are higher and total £205 with SPML against £155 with GMAC. I want to remortgage elsewhere in December and would prefer to straightened this out now, but am not sure where I stand.
I know the total of £100 isn't a large amount but it is the principle of the matter. Do I have any right to complain and ensure the fees I signed for are the fees I pay. Can anyone advise me please?
Thank you
I took out a mortgage with GMAC in Dec 05 fixed for 2 years, it was transferred to North Yorkshire Mortgages in March 06 they then sold the rights to SPML in June 06. The original letter from GMAC advising me of the change states: "In accordance with the terms of your mortgage, there will be no change to the current terms and conditions of your account". I took this at face value as I presumed I signed a legal contract to accept GMAC's t&c's. I also received a notification from SPML in July again saying there is no change to the t&C of your mortgage.
Yet, I was asked to pay £25 renewal insurance fee (as my buildings and contents insurance is with another company) and will be asked to pay another £25 on the mortgage renewal date of 7/12/07 - days before the fixed rate ends. Can they do this? I rang them at the time and they said they can change anything at any time, although I challenged it. I paid up and sent a chq as they said they would just add the £25 to my mortgage (and thus pay interest on it). On checking for possible 'sealing fee' differences today, I find that the redemption admin charges are higher and total £205 with SPML against £155 with GMAC. I want to remortgage elsewhere in December and would prefer to straightened this out now, but am not sure where I stand.
I know the total of £100 isn't a large amount but it is the principle of the matter. Do I have any right to complain and ensure the fees I signed for are the fees I pay. Can anyone advise me please?
Thank you
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