Mortgage Exit Fee Lender Table

Rus

I sent your template letter to the Coventry BS (which I left in 2006)
Three days later I have received a cheque. Thanks for the advice on MEAF's you have made me £100 better off :j

shazzyc

Hi,
ive just recently moved and paid an exit fee of £425.00 to Bank of scotland, as they bos don't appear on the chart, does anyone have an idea of what the meaf should be??
Additionally, I moved home in 2000 and had a mortgage with the then, Leeds BS, which I believe changed to the Halifax, although memory eludes me, even though I dont have any paperwork, do you think its still worth trying to claim back any possible overcharges.

Many thanks for your help.

dunstonh

ive just recently moved and paid an exit fee of £425.00 to Bank of scotland, as they bos don't appear on the chart, does anyone have an idea of what the meaf should be??

The FSA ruling was made a few years ago and you would expect a lender to follow the ruling by now. So, the odds are it was £425. However, you can ask them what it was. Or look at a copy of your agreement.

mikeashworth

I had a mortage with Lambeth, which was bought by Portman BS. as there was an address listed for Portman BS I wrote to them, even though Portman are now owned by Nationwide.

The letter was signed for down in Bournemouth however it has never been passed on to Nationwide.

I suggest that perhaps Portman BS should be removed and all enquiries sent straight to Nationwide.

wires13

I had a mortgage with N.ROCK and complained about 250 fee, went through FOS also who couldnt judge on proportionality of the 250 fee. N.ROCK dismiss this part of the complaint and wont answer now, is it worth pursuing through small claims or would i stand a good chance of losing ???

kingstreet

What was quoted to you at the outset of the mortgage, or when you last made a product change?

The FSA does not have an issue with the fee. It has a problem with the eventual fee being higher than that quoted at the outset, or at the last product change.

A lender sets out its fees and provided it charges what you signed up to at the outset, you would have to make a very convincing argument in court to get that reduced.

dunstonh

I had a mortgage with N.ROCK and complained about 250 fee, went through FOS also who couldnt judge on proportionality of the 250 fee

Why were you complaining about a fee that you agreed to when taking out the mortgage?

The FOS are also correct in saying that they cannot judge the fee as that isnt within their remit.

, is it worth pursuing through small claims or would i stand a good chance of losing ???

You will lose. It will obviously come as a surprise to you but firms are allowed to make charges for products and services they offer. The regulator has no issue with exit fees. They are legal and there is no known case that has gone to court on fairness but if they did, they would lose because there is nothing to being done wrong.

wires13

dunstonh wrote: »

Why were you complaining about a fee that you agreed to when taking out the mortgage?

The FOS are also correct in saying that they cannot judge the fee as that isnt within their remit.



You will lose. It will obviously come as a surprise to you but firms are allowed to make charges for products and services they offer. The regulator has no issue with exit fees. They are legal and there is no known case that has gone to court on fairness but if they did, they would lose because there is nothing to being done wrong.

Thanks, i got the gist of ML reclaim guide in that case wrong. I was under the impression that he was saying that the fee was higher than need be (£250) and was not proportional to their costs (no higher £50). He did mention that even if its in a contract does not make it lawful but i appreciate your views and i thank you for replying.

dunstonh

wires13 wrote: »

Thanks, i got the gist of ML reclaim guide in that case wrong. I was under the impression that he was saying that the fee was higher than need be (£250) and was not proportional to their costs (no higher £50). He did mention that even if its in a contract does not make it lawful but i appreciate your views and i thank you for replying.

Martin wrote an article. The FSA set out the position. So, you have a journalist with an opinion or the regulator who has given instructions to the lenders. Also, note the date of the article. its getting long in the tooth and goes back to the days when you could get bank charges refunded.

An unfair contract can be challenged in court. However, there isnt even a hint of information out that that suggests these charges could be unfair. With the regulator saying that they are not unfair it would be hard to present a case that suggests they were.

Soul_Girl_1972

We took a mortgage out with C&G on 30/01/2008 and were charged £7028.47 in fees......trying to get them to give me a reason for this charge, no joy after several phone calls....any advise?