Changed our mortgage with big charge - advice needed

JulieBarlow

We came to the end of our reduced rate on our mortgage in February so we changed mortgage to another reduced rate with the same company (Chelsea Building Society). I have just checked the paperwork and they have charged us £640 to transfer from one mortgage to another with them. The letter we got in January about changing mortgage says that there will be a charge of £320 to change mortgage, I assume that because we had an additional advance and the mortgage which got combined when we remortgaged they have charged us the £320 charge for both parts. I cannot find the original contract from 2 years ago when we last changed so don't know what the original fee quoted for remortgaging would be (when we changed last time we were charged a £150 fee though) but I think that £640 admin fees to change from one mortgage to another is really high, surely it can't take that much work to change products with the same company! What do you think my chances are of getting some of the fee back and will they then tell us to go elsewhere for a mortgage because they don't like us reclaiming?

grade15

this is a bit of a tightrope..I think its best to get the mortgage first then complain and get the refund..I don' think the admin fees should be soooooo high..good news on ur side.. the exit fee is on our side now after yesterday's news..and also check the website or ask them for a copy of the orginal contract..to get your facts right before blowing your horn off..

danjberry

please note this is not a remortgage but a change of product and further advance so is not covered by the recent FSA ruling on mortgage exit fees. The fees for a new product would of been told to you before you agreed to take this new product, and would not of been stated on your original contract as the only additional fee that would of been stated is the deeds release fee so this has nothing to do with a change of product only if you were changing lenders. This is also not just an admin fee but a fee for the lender to make money on this product which is not against the FSA rulings im afraid