NEW Mortgage Exit Fees Discussion

classrunner

I am based in england. First of all thankyou for the responses they have been v.helpful. Can I get their charged removed myself? Any ideas how much this might cost and how you go about it. It is no longer about the money but I do feel that YBS are definately making a bit of dosh over this. They manage to get you right to the end! The chappy at YBS openly admitted it is 'one or two letters' I know the post has gone up, but not by that much...............

Gareth56

MarkyMarkD wrote: »

"Deeds" don't mean anything any more.

But it is necessary for the lender to remove their charge, recorded against your property at the Land Registry, or you won't be able to sell the property or use it as security against any future loan.

Presumably as well as not releasing the deeds, they also won't remove their charge unless you pay the fee.

In their letter to informing me that the mortgage had been redeemed they also said that they had forwarded a D2SE to the appropriate Land Registry office with instructions for the Land Registry office to send me a Title Information Document once their charge has been removed.

Presumably then I don't require the deeds as the records will show that their is no longer a charge on the property?

They also said in their letter that I will be able to rely on the electronic records kept at the Land Registry as my security.

tgray_2

Hi, I'm new to this so please be patient with me! We are about to remortage with First Direct and will be leaving Alliance and Leicester who are our current mortage lenders. They want to charge us £295.00 as an admin charge for leaving them. Do I still need to pay this or can I argue against it? Thanks for any advice.

MarkyMarkD

Gareth56 Yes. The deeds are irrelevant in most cases nowadays because they have been "dematerialised" - the Land Registry record is the legal evidence of ownership, not possession of the deeds.

tgray Presuming that you've been with A&L less than 4 years (or indeed switched products since August 2004), then £295 is the correct charge which you agreed to when you took the mortgage. In which case you haven't got any basis for challenging it.

r.jenkins36

Every year my friendly building society (Halifax) sends me a statement of interest paid.....and charges me £20 for the privilege. I have protested but they say its in their contract terms. Seems like a lot for a simple computer generated letter - am I just being ripped off?

Noz

r.jenkins36 wrote: »

Every year my friendly building society (Halifax) sends me a statement of interest paid.....and charges me £20 for the privilege. I have protested but they say its in their contract terms. Seems like a lot for a simple computer generated letter - am I just being ripped off?

Doesn't really relate to MEAFs in anyway, but it's not a rip-off as its a service which they are providing for £20. It's up to you whether you use it or not

The_Chemist_2

Perhaps this advice should be here rather than as a new thread..

I just wanted to say that the satisfaction and pleasure at getting back my MEAF in full plus 12 years' interest were slightly deflated by the advice in the letter from the building society that the interest part is taxable. It is, after all, no different from any other "investment" that has produced an income by virtue of paying interest.

Don't forget to mention it on your tax return.

mickerick

Thanks to Martin and this site , we have managed to get back 3 lots of fees. Not a great deal of money but it was mine to start with and with it we have just got great cheap flights to Ireland. Our own Mortgage company gave us £10 as a good will gestgure. not that we had been over charged by them.

Fly0018

Hi,

I am new to your site and it is really opening my eyes to the Financial world, so please keep it going.

I read your article from 2007 about exit fees and am soon to have to remortgage from my existing offer which runs out 31 July 2008.

As you can imagine its a pretty sorry state of affairs on the open market but having seen the best of a bad bunch which is a term tracker with no fees (except the usual suspects of £35 chaps added to mortgage) and no tie ins or early redemptions, but after having pushed a little and gave the bank employee some scenarios she did say that if I was to move onto another product or take my business elsewhere I would have to pay an Exit fee of £275.

I saw your table listing various lenders exit fees over the past 10 years and what I need to know is that if I were to purchase that product do I have to agree to be bound by paying £275 if I left? Or regardless of the fees increasing over the years, if I sign the dotted line am I bound to pay the full £275 or can I still try to claim it back or a portion of it or even get them to come down to £50.

I could do with an up to date view of this please before I jump in.

Thank you.

MarkyMarkD

If you sign up for a product switch at a time when the quoted MEAF is £275, you will certainly have to pay exactly £275 when you eventually redeem. The £275 is an inherent part of the new deal you are choosing to sign up to.