NEW Mortgage Exit Fees Discussion

psarinuk

MarkyMarkD, what about my case. Halifax did not advise me at all in the contract that they would be charging me £175 exit fees. They say that its a standard charge and its mentioned in some booklet that they send to every customer...

However, I've checked the contract that I signed with my broker. It says Mortage repayment fees £175 (only applicable during the fixed rate period).

Needless to say, I switched mortgage after my fixed rate period expired.

MarkyMarkD

Halifax are correct. Until mortgage regulation happened, all lenders used to simply tell you in their mortgage deeds (which nobody ever read, but your solicitor should have) that you would be liable to pay their standard charge for redeeming your mortgage. And then they would send a booklet out with the offer documents (to you and your solicitor) detailing the current level of the charge.

If you didn't know about the charge, that would be jointly the fault of you (for not reading the stuff) and your solicitor (for not bothering to tell you about it).

If your broker mis-advised you, though, in writing then you have a prima facie case for compensation from the broker.

From the time of mortgage regulation, all lenders produced standard format KFIs and offer documentation which most definitely do state the amount of the MEAF.

ropper

sorting some old paperwork out yesterday i came across the paperwork for my first mortgage which i took out in aug 1998. the mortgage was for £36900 with the royal bank of scotland. i remember at the time something about a fee added to the mortgage (cant find the original mortgage offer) but have the first statement after it was taken out and there was £1200 added to the mortgage( it definatley wasnt a redemption,ltv or arrangement fee ) im pretty sure it was something that banks have been stopped from adding this to mortgages since

can anybody help me what this add on was called again and is it open to be claimed back

also iv since remortgaged for the fourth time first to abbeythen allience and leicester, ing direct and now to balrclays.with the abbey and allience and leicester cant rember if the royal bank of scotland i was charged leaving fees yet i have no paper work at all as going to new mortgage provider they get put in the shredder can i find out what fees a paid

lisa21

Sorry to ask a stupid question but I can't seem to find the answer on here - does this apply when changing mortgage deal with the same lender, or only when you change lender? thanks

_Andy_

Seems to have detoriated into a spam thread.

dunstonh

My guess is that fruity only deals with non regulated stuff because they have probably been banned from dealing with regulated. Unauthorised spamming is the sort of thing that gets a regulated firm into trouble by breaching FSA financial promotions rules.

naomi009

Hi, I have just been on the phone to a previous lender and they say that I was told my exit fees would be £145. This is what I was charged. Am i entitled to reclaim this? being that £145. seems extortionate. Thanks for any help here...:cool:

Noz

naomi009 wrote: »

Hi, I have just been on the phone to a previous lender and they say that I was told my exit fees would be £145. This is what I was charged. Am i entitled to reclaim this? being that £145. seems extortionate. Thanks for any help here...:cool:

Have you read Martin's article? http://www.moneysavingexpert.com/reclaim/mortgage-fees

If you were charged what was quoted then you have nothing to reclaim.

Noz

lisa21 wrote: »

Sorry to ask a stupid question but I can't seem to find the answer on here - does this apply when changing mortgage deal with the same lender, or only when you change lender? thanks

Typically MEAFs are only charged when you change lender if at all.

Noz

ropper wrote: »

sorting some old paperwork out yesterday i came across the paperwork for my first mortgage which i took out in aug 1998. the mortgage was for £36900 with the royal bank of scotland. i remember at the time something about a fee added to the mortgage (cant find the original mortgage offer) but have the first statement after it was taken out and there was £1200 added to the mortgage( it definatley wasnt a redemption,ltv or arrangement fee ) im pretty sure it was something that banks have been stopped from adding this to mortgages since

can anybody help me what this add on was called again and is it open to be claimed back

Sounds like a Higher Lending Charge possibly but could be many things in reality - only you can answer this one.

ropper wrote: »

also iv since remortgaged for the fourth time first to abbeythen allience and leicester, ing direct and now to balrclays.with the abbey and allience and leicester cant rember if the royal bank of scotland i was charged leaving fees yet i have no paper work at all as going to new mortgage provider they get put in the shredder can i find out what fees a paid

Simply ring each lender with dates of when you started and ended the mortgage to find out. Look through this website for approximates :http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=417037&in_page_id=8