NEW Mortgage Exit Fees Discussion

mjplumber

Hi please bare with me as this is my first time on this site, therefore the first time i have asked a question.
If anyone could help me i would be gratefull.
I sold my house just over three years ago, the mortgage outstanding on the house was 41,500 but i was in arears of £1400. i sold the property for more than twice the outstanding value however when the bank took there money they took nearly £47,000. I would appreciate any comments or views that anyone has regarding this
regards
mjplumber

dunstonh

mjplumber wrote: »

Hi please bare with me as this is my first time on this site, therefore the first time i have asked a question.
If anyone could help me i would be gratefull.
I sold my house just over three years ago, the mortgage outstanding on the house was 41,500 but i was in arears of £1400. i sold the property for more than twice the outstanding value however when the bank took there money they took nearly £47,000. I would appreciate any comments or views that anyone has regarding this
regards
mjplumber

please start your own thread and dont use this one as your issues are not the same thing. When you do, give us the breakdown of the charges (which would have been supplied to you). Also let us know if you were in a tied down product at the time (fixed rate of discount for example).

janew_3

As I redeemed my mortgage with Britannic Money 6 years ago and had dumped most of the paperwork I didn't know what exit fee my original contract quoted, but thought £125 was a bit steep for 2001. Therefore I used Martin's sample letter to try to reclaim £75 plus £6 interest.

The reply from The Mortgage Trust who presumably have taken over Britannic Money, was not at all what I expected! Their letter suggests that my loan does not fall under the jurisdiction of the FSA and, therefore, there is no obligation to refund the amount requested.

They sent a cheque (in the wrong name and quoting the wrong mortgage reference number although the correct number was stated in my letter) for £15 saying that this equates to the amount charged at redemption of my loan!

Has anyone any idea where they are coming from? Before I call them to ask them to re-issue the cheque in the correct name, is there something I am missing here? Some help here asap would really be appreciated. Thank you.
Confused.

MarkyMarkD

2001 was before mortgage regulation.

If you had a mortgage with a company which ceased trading before mortgage regulation occurred, then they never became regulated and they are not required to comply with the FSA ruling.

Any amount they pay will be discretionary and you can't force them to pay more.

Angelraesunshine

Hi sorry i just wanted to check i had a mortgage with Nationwide from 2002 that i ended in 2004 and have tried checking over my details and apart from a early redemption fee i can not see anywhere that i have been charged a Meaf and going by Martins Lender information table it says zero so would this be correct that i have not been charged and there fore do not need to contact them or claim?

rozzid

Someone please help me. I watched MArtin's new show last night and saw the bit about MEAFS. I had a mortgage on my house which was paid off in Oct 2005 with The Woolwich. I no longer have the paperwork but when I phoned them this morning, they told me that there is no account for my name and old address so they can't/won't help me unless I can give them the account number. I explained that the main reason for phoning was to get the account number so I could check the MEAF amounts charged/contracted, but they insist that they can't find the details. Is there anything else I can do to get this information so I can then look into the exit fee properly?
Thanks

missdrexie

Hi rozzid, can you perhaps contact your bank that the direct debit for the mortgage was set up with and ask them to check the reference or account number that it was paid to? HTH

missdrexie

After watching Martin's new show last night I found my redemption statement for which I paid £175 to Northern Rock but the original offer shows no exact fee. Called them up and they won't give info over the telephone, so have used the template letter and looking forward to their reply. Going by the info on the table I may get £100 back, result!

lostnfound

Our mortgage was origionally with the bank of scotland then we switched to halifax how does this now work as BOS has now become Halifax do we still phone the Mound in Edinburgh as that was Bos but now Halifax. Oh an one other question does anyone no what the exit fee would have been for BOS in 2002.

lesley_rod

Hi,

I've dug my old mortgage offer from Intelligent Finance out dated Feb 2003 and there's no mention of any early repayment charges listed. It does reference the 'Intelligent Finance Conditions 2001' will apply to your mortgage. Unfortunately I don't have this booklet but internet searches are saying there were no early repayment charges stated.
I called IF and asked what I had paid and what was in my contract, I was told I paid £140 but that he couldn't tell me what was in the contract. He went onto say that it would have been £140 as that was the rate after 2002, previously £50.
I had a look around and can't see anyone having success claiming from IF so am wondering if it's worth bothering?
Any advice gratefully received!

Thanks,

Lesley