NEW Mortgage Exit Fees Discussion

Noz

clarkedexter wrote: »

I've just been talking to some family friends about when they paid off their mortgage.

They were moving abroad, and so sold and paid off the mortgage on their house. They are convinced that the mortgage company charged them £7000 in exit fees.

Have I gone completely barmy? I can't imagine the company charging them that. Does anyone have any ideas? Maybe it was just the final total of fees?

(By the way, just spoke to them and they said that it was an interest-only mortgage - could that have made a difference?)

Thanks,
Dex

Sounds like an Early Repayment Charge (http://forums.moneysavingexpert.com/showpost.html?p=5813977&postcount=9) rather than a MEAF

clarkedexter

Noz wrote: »

Sounds like an Early Repayment Charge (http://forums.moneysavingexpert.com/showpost.html?p=5813977&postcount=9) rather than a MEAF

You're right. Oh well, I will try to reclaim the MEAF for them anyway.

Thanks.

tbk1000

I didn't have any info about a mortgage that I had with the Nationwide for a number of years but sent off a letter to find out if I was due anything. I received a cheque for £90 in the post today so cheers MSE!
:beer:
I recently exited two other mortgages but am not sure if I can claim anything. I don't think I can because the amount was stated in the agreement. Is that right?

JWALK_2

I have just reached the end of a 2 year fixed deal with C&G and have switched to The Woolwich.

Within my original contract with C&G the closing admin charge was quoted at £225 and this was duly charged when I recently changed providers.

I understand from my financial advisor that the C&G fixed products now do not have a closing admin charge.

Can anyone advise if I have a case for reclaiming the £225 closing admin charge in view of the fact that ‘new’ customers will not incur this fee? or is it the case that as I signed the contract then the £225 stands.

Thanks in advance for any advice.

Lisa_Whyman

Dear Mr Lewis

I am in a situation where I have to pay off my mortgage (due to a relationship breakdown with my partner, who has left me in alot of debt). The penalty fee for this is £14,000. I have only had the mortgage for six months and obviously these were unforeseen circumstances.

Is there anything I can do?

Yours sincerely

Lisa Whyman
[EMAIL="ljwhy@hotmail.com"]ljwhy@hotmail.com[/EMAIL]

JimmyTheWig

Lisa,

Sorry to hear about you situation.
Whether or not you can get around this fee I don't believe that it can be done using the same techniques as this article is talking about.
The fee you are faced with sounds like an early repayment charge rather than an exit fee.
I don't know if there is anything you can do. Hopefully someone more knowledgeable here will...

Good luck,
Jim

tony53708

Hi,

Has anyone had any success in claiming back MEAF's from Ulster Bank? I took out a mortgage with Ulster Bank in or around 1996 (can't find any old papers as I moved to a new provider in November 2006 and think they were disposed off) and wrote to them the day after Martins article appeared in News of the World.

I have had no acknowledgement to my letter but on phoning Ulster Bank House Mortgages HQ in Dublin (I live in N.Ireland) to ask about MEAF's was told that I definitely would not have been charged any admin fees on exiting the mortgage. As I have no papers I cannot argue whether I was charged or not.

I think Ulster bank was a subsiduary of NatWest in 1996 and I read in some of the posts that they are a hard nut to crack. I believe Uster Bank comes under the RBoS banner these days.

Anyone offer any advice??

MarkyMarkD

Lisa Whyman You won't get early repayment charges (ERCs) waived for any reason. They are legal and legitimate charges for ending your mortgage early.

You could (with the benefit of hindsight) have chosen a mortgage with no penalties. The rate might have been slightly higher, but you wouldn't be facing your present predicament.

Are you unable to (say) take in lodgers, or let the entire property, in order to cover your mortgage payments? Perhaps you could move in with friends or parents whilst doing so?

Laini

just wanted to know if this is MEAF
on our settlement letter

we had a flexible mortgage with Abbey and settled it july 2004

under the column of fees there was a charge for cash back charge 250.00 and redemption fee of 99.00. but 0.00 discharge fee

can we claim the first 2 fees back

any comments welcome

thanks

Laini xx

Sweets2

Hi all!
done a thread search for Mortgage Trust company and don't understand the posts!

Has anyone recently successfully claimed MEAFs from this provider? Are they still using the not-FSA-regulated argument?

Thanks for any help