NEW Mortgage Exit Fees Discussion

itsbeef

The_Angel_by_Default wrote: »

I phoned the Halifax regarding the £175 Redemption Admin Fee. Their answer was "we quoted you £175 and you are not entitled to anything back". I know that some of you have had luck in obtaining a refund. Can anybody advise me the next course of action? I was under the impression that everybody was entitled to a refund if they were overcharged? If you were advised of the fee first does that negate your entitlement?

Firstly don't give up......

Get back to them and state that £175 for switching your mortgage has been widely recognised as excessive. I have had 3 succesful challenges and each one reduced the amount down to £50-60 as a realistic charge.

Good luck!!

pfpf

hi.

my mortgage with Abbey is up in March and i will be remortgaging. looking through the paperwork my MEAF will be £225.00.

however looking at the table here: http://www.moneysavingexpert.com/reclaim/mortgage-fees

it states that Abbey currently has a £0.00 charge. my mortgage is from March 2006.

does this mean i will pay £225.00 or £0.00?

any ideas?

thank you.

Noz

pfpf wrote: »

hi.

my mortgage with Abbey is up in March and i will be remortgaging. looking through the paperwork my MEAF will be £225.00.

however looking at the table here: http://www.moneysavingexpert.com/reclaim/mortgage-fees

it states that Abbey currently has a £0.00 charge. my mortgage is from March 2006.

does this mean i will pay £225.00 or £0.00?

any ideas?

thank you.

I see where the confusion comes from pfpf.

The 'Now' column refers to what MEAF exisits if you took out an Abbey mortgage today i.e. nothing as they scrapped MEAFs on new mortgages recently.

However when you took out your mortgage there was a MEAF of £225 therefore you would be liable for that charge if your mortgage account was settled.

pfpf

thank you, i thought as much

would i have grounds to ask for it back after settling? do you know if there is a template letter anywhere for such an occasion rather than the template asking for money back where the fee has differed to the contract?

thanks again.

Noz

pfpf wrote: »

thank you, i thought as much

would i have grounds to ask for it back after settling? do you know if there is a template letter anywhere for such an occasion rather than the template asking for money back where the fee has differed to the contract?

thanks again.

Martin's article has the templates required: http://www.moneysavingexpert.com/reclaim/mortgage-fees

Having said that I wouldn't see what you would be entitled to. If your contract states that a £225 MEAF would be liable on redemption of the mortgage, and you are in fact then charged this amount then no overcharging has occured and no refund is necessary.

Turbo2

Is it still possible to reclaim excessive MEAF charges on a commercial mortgages ? I had one that I fully paid up in November 2004

umps

Are there any exit fees on secured loans??? Paid off three between us in the last five years and wanted to know as they are sort of secured mortgages???

Maybe I'm being stupid:o

Andy

Noz

umps wrote: »

Are there any exit fees on secured loans??? Paid off three between us in the last five years and wanted to know as they are sort of secured mortgages???

Maybe I'm being stupid:o

Andy

I think only mortgages are specified by the FSA

Noz

Turbo2 wrote: »

Is it still possible to reclaim excessive MEAF charges on a commercial mortgages ? I had one that I fully paid up in November 2004

Buy-to-let mortgages are unregulated so would think not

Triathlon789

I was with the Principality, and asked about reclaiming my exit fee's, this was there response:

Dear Customer,

Thank your for your recent enquiry.

Please can you put this in writing to us so we can investigate the charges further. However, I can confirm that the customers that are eligible for a refund are customers that took the mortgage out before September 1995 as this is when the legislation changed.

In your letter please confirm as much detail as possible and send it to the following address;

Principality Buildings
Compliance department
PO Box 89
Queen Street
Cardiff
CF10 1UA

What do I do, as I took out my mortgage with then in 2000? Do I have a case?

Thanks, Mark.