NEW Mortgage Exit Fees Discussion

tonytsdiver

I sent off a draft of Martin's MEAF template letter to the Bradford & Bingley last week and yesterday I received a cheque for £ 150 ! Nice one.Go for it folks,it's better in your pocket than their's !

marinaldo

I have written to West Bromwich BS and asked for return of fee charged and, in essence they have replied :-Following a review of your account it has become clear that the charges applied upon redemption of your mortgage were made in accordance with those advised on the society's tariff of charges applicable at the time of inception of your account therefore there is no refund on this occasion . Do I now cease my pursuit to get fees.? any help would be welcome. Marinaldo

MarkyMarkD

@1Lou28 - most lenders will send you a cheque in joint names for the entire amount of any refund due. If you have since split up, you need to write jointly and ask that either separate cheques are drawn for half each, or allowing them to pay it all to one party or the other.

If you are not on speaking terms with your other half, the lenders ought not to allow you any refund as it's not up to them to determine that it should be split 50:50.

@marinaldo - this may well be the case; they are very unlikely to be making a mistake. Just to help us - when did you take out the mortgage or last switch product or take a further advance; when did you redeem the mortgage; how much were you charged?

1Lou28

we aren't on speaking terms, so there is no way we can request jointly. even though the mortgage was joint you dont think they will pay half? Do you think its worth trying??

fitorbust

Hi - just to say I rang the Yorkshire BS enquiring about MEFs, they sent me a letter to say they were investigating my claim, and today received a cheque for £125!
Thanks Martin!
Lesley.

MarkyMarkD

1Lou28 wrote: »

we aren't on speaking terms, so there is no way we can request jointly. even though the mortgage was joint you dont think they will pay half? Do you think its worth trying??

It's worth trying if it's a significant refund in aggregate; if it's only a few quid it's probably not worth the fuss. As I said, they should NOT simply split it 50:50 because your entitlement is not necessarily 50% of the amount due and your OH could pursue them for the full amount if they inappropriately pay some of it to you.

forgetaboutit

Can anyone advise me on reclaiming a guaranteed insurance premium that Abbey have applied to my mortgage so far as I am concerned without my knowledge. I am about to leave Abbey and have been out of a 7 year capped rate deal for 3 years - so redemption doesn't apply.

It's a mortgage endowment and we have never defaulted on payment so couldn't believe it when we saw that the settlement fee was £1623.00 more than expected. I have been told it is to cover an insurance that abbey took out because our mortgage was over 90%.

I new nothing of this I'm digging out my original mortgage offer but even if it does mention a premium in the small print - I know for a fact I wasn't told about it's application.


WHERE DO I STAND ON THIS ISSUE - CAN SOMEONE HELP?

1Lou28

MarkyMarkD wrote: »

It's worth trying if it's a significant refund in aggregate; if it's only a few quid it's probably not worth the fuss. As I said, they should NOT simply split it 50:50 because your entitlement is not necessarily 50% of the amount due and your OH could pursue them for the full amount if they inappropriately pay some of it to you.

Really sorry but i dont understand - if the mortgage was joint 50-50 how could my ex pursue them for the full amount? i thought it would be split 50-50?

JimmyTheWig

Is there any risk to doing this?

My first mortgage was with Abbey, taken out in 2000. I then re-mortgaged with Abbey in 2000 (yes, only about 6 months later and saved a fortune). I then remortgaged with egg in 2002.
I then paid that off in late 2005 when we moved and took out a joint mortgage with Abbey.

So I've paid one or two MEAFs to Abbey (do you pay when you remortgage with the same provider?) and one to egg.
My concern is that I don't want to reclaim these fees and get Abbey's back up when our current mortgage is with them. With current account fee reclaiming, the first step is to open a new account with a different bank in case the first bank close your account. I don't want this to happen with our mortgage!

Also, does anyone know egg's stance on reclaiming as it's not in the table.

Though I've just thought this through. If all you can do (per FSA, at least) is reclaim the difference in the fee when you took out the mortgage and the fee when you repain the mortgage, is it worth me even looking as I didn't have the mortgages for more than a few years each?

Noz

1Lou28 wrote: »

Really sorry but i dont understand - if the mortgage was joint 50-50 how could my ex pursue them for the full amount? i thought it would be split 50-50?

What did your lender indicate?