NEW Mortgage Exit Fees Discussion

shazb1

I don't know if this helps anyone but i didn't have the original paperwork with the correct figures on from my previous mortgages but i did find an old letter which had an account number on so i adapted Martins template letter as below and it worked, within 2 weeks i had a cheque for £95 from one provider and £80 from another. good luck xx


Dear Sir or Madam,

Re. Account/reference number: XXXXXXXXXX

After the recent FSA statement on Mortgage Exit Administration Fees (MEAFs), I am writing to complain about the charge on the above account when I exited my mortgage contract with NatWest

In particular I note that the FSA stated “if a past customer who has paid a higher MEAF to exit complains, he or she can expect a refund of the difference between the actual MEAF paid on exit and the original MEAF.”



I look forward for a full response to this letter within 14 days.

Yours faithfully,

Mandy1000

I'm happy to say my last mortgage payment will be on 1st November 2008 :j, but the Halifax told me they charge £50 deeds dispatch fee.

The deeds become my property on final mortgage payment so why should I have to pay the Halifax for them to return the deeds to me? It shouldn't take long to find the deeds in storage and shouldn't cost too much postage so how can they justify charging £50?

I don't remember being told the charges for deeds dispatch when I took out the mortgage 25 years ago, so can't reclaim the difference between amount quoted and amount charged.

Also, do I need to be in possession of my deeds for any reason (I'm not planning on moving house)? The Halifax told me the Land Registry has the deeds stored electronically and charge a nominal amount for extracts from the deeds.

Thanks for any replies,

Mandy

Noz

Deeds are pretty much for sentimental value now since dematerialisation, as you said the Land Registry keeps the vital information regarding registered properties, including information required for house selling and paper deeds are not actually involved in the selling process anymore. However there maybe other documents enclosed with your deeds which you may value.

Entirely up to yourself what price you put on the paper documents if your property is registered.

ferryboy72

Hi everybody wonder if anybody can give me some advice? I have just finished my last payment on a Natwest 5year self cert mortgage, it actually goes onto their standard variable rate on the 31st of october,i have decided to re mortgage with the Nationwide,i have asked Natwest about early repayment charges and there are none to pay:DThen asked Natwest about redemption charges and they gave a phone quote of about £900 :mad:,i asked them to clarify the charges and they said a quote would be sent via post from their redemption team.Surely the figure of £900 is way out for a mortgage balance of rougly £67500?Also i have the original mortgage offer from Natwest ,it does indeed mention early repayment charges,but makes no mention on the mortgage offer of Redemption charges or penalties?Any idea where i stand or what to do next?
regards steve:beer:

Noz

ferryboy72 wrote: »

Hi everybody wonder if anybody can give me some advice? I have just finished my last payment on a Natwest 5year self cert mortgage, it actually goes onto their standard variable rate on the 31st of october,i have decided to re mortgage with the Nationwide,i have asked Natwest about early repayment charges and there are none to pay:DThen asked Natwest about redemption charges and they gave a phone quote of about £900 :mad:,i asked them to clarify the charges and they said a quote would be sent via post from their redemption team.Surely the figure of £900 is way out for a mortgage balance of rougly £67500?Also i have the original mortgage offer from Natwest ,it does indeed mention early repayment charges,but makes no mention on the mortgage offer of Redemption charges or penalties?Any idea where i stand or what to do next?
regards steve:beer:

Steve something doesn't sound right here.

Firstly £900 can't be explained solely by MEAFs - they usually account up to £300 at most so there's definitely something else going on here. What is very confusing is the fact you specifically asked if there were any ERCs and they confirmed that there wasn't any. I wonder does your mortgage require certain noticed to be given before redeeming...

My suggestions is to ring them back up and ask to list of the names of what fees are being charged, how much per charge and the reasoning behind them. Only once we know for sure what exactly you are being charged for can we really help.

ferryboy72

Hi again have just got my redemption statement from Natwest as folllows:
Capital as at redemption statement date 15th october:£67,464.74
Early repayment chardge due £nil
Sealing Fee £85
Then perhaps somebody could explain this?
Net interest to anticipated redemption date(1st of november)=£825.97 so £910.97 added on to my mortgage balance is this common or just confused,cant seem to find anything in my mortgage offer about Net interest on redemption?
regards steve

MarkyMarkD

I assume that it's the interest from the last interest calculation date to the date of redemption.

Baz_2

MarkyMarkD wrote: »

Baz

They will charge you the correct £99 fee when you redeem. There's no benefit at all in writing to them now.

Well I have just been on to Abbey to ask for a redemption figure and they are going to charge the full £225 rather than the £99.

I guess its a blanket "lets charge em and hope they don't notice" policy.

pedrofour

am just new here..trying to sort financial mess after a marital breakdown sruggling to stay afloat could sure use some help...have an old loan (1 off many)..trying to find out if a redemption fee is returnable also have charges on the loan
unpaid direct debit fee..missing instalment fees...calling in notice and a settlement fee completely baffled what format do use to reclaim these if any...many thanks..pedro

MarkyMarkD

Baz

Thisismoney actually says that Abbey increased their fee in 2005 to £225. Few lenders were increasing fees as late as 2007.

If their redemption figure includes £225, you should report them to the FSA as they clearly are not complying with the FSA's ruling which required all lenders to start quoting correct amounts from the start of 2008.

MMD