NEW Mortgage Exit Fees Discussion

dawnylou

Hi all,
I have been reading some of the discussions and success stories here for a while.
In 2004 we took out a mortgage with Northern Rock, remortgaged with them about a year later onto a different product, then about a year later we moved to Leeds Building Society.
I have no information on the previous mortgage accounts we had - does anyone have any idea how we can find out what we should have been charged, what we were charged and also if we are entitled to any cash back??

Thanks in advance for any help!!

kevint_3

kevint wrote: »

Hello
interesting to read all these posts.
I wonder if you can advise on my mortgage exit fee with Bristol & West? My offer of loan contrcat stated in 2004 that I 'would be charged a reasonable redemption fee upon redmeption of the loan'. Their Guide to Mortagages' leaflet which came with the offer of loan stated that the exit fee was 175. In the event I was charged 195, and they are offering the difference, ie 20. But, surely it is what was stated in the offer of loan letter that counts...and given that it is sufficiently vague then there is perhaps room to negotiate with B&W?
thanks for any advice you are able to offer.
Kevin

as discussed in posts above Bristol & West are not being very clear regarding their mortgage exit fee. To say (see above) that the customer 'would be charged a reasonable fee upon rdemption of the loan' is surely contestable. What does it cost a building society to wrap up a loan? £50 maybe? They informed me that this was eft intentonally vague as it depended upon when I exited the mortgage, eg now or in 2020 etc. However, by neing vague I believe they have left themselves open to challenge.

isayoldchap

Can I also claim the deeds release fee of £35?

MarkyMarkD

@ KevinT

The leaflet which came with the offer clarifies the vagueness in the offer. Therefore £175 is the amount you should have to pay. "Reasonable" doesn't mean "cost" - it says a reasonable "fee". Fees are allowed to be profitable for the lender!

@ isayoldchap - what matters is the total MEAF charged compared to the total MEAF quoted up-front. The deeds release fee charged will form part of the MEAF charged, but it should also be included in the MEAF quoted up-front before you work out the difference and hence what you are owed.

isayoldchap

MarkyMarkD wrote: »

@ KevinT

The leaflet which came with the offer clarifies the vagueness in the offer. Therefore £175 is the amount you should have to pay. "Reasonable" doesn't mean "cost" - it says a reasonable "fee". Fees are allowed to be profitable for the lender!

@ isayoldchap - what matters is the total MEAF charged compared to the total MEAF quoted up-front. The deeds release fee charged will form part of the MEAF charged, but it should also be included in the MEAF quoted up-front before you work out the difference and hence what you are owed.

Hi MarkyMarkD
Thanks -My last statement shows £100 Discharge fee and £35 deeds fee.
Just got £50 from them today £100-£50 which should have been charge 06/2004.
I guess I need to see if the deeds should have been £35 when I took out the mortgage.But I haven't got that info and Britannia BS did advise me this morning saying that the deeds fee are not refundable.

keatergreyhound

Hi people
Over the years weve had 2 mortgages which I still have the account details for but havent a clue what fees we agreed to pay and what we did pay.
Is there a template letter for writing such a letter.
If not can anyone please give me an example of what I might write.
Im not very good at this sort of thing so may need my hand holding a little?
Any volunteers?

jacrock

BANK OF IRELAND

We were charged £195 for fees and have had an offer for £50, is £145 an acceptable amount to charge?? also we have to sign a confidentiality sheet as well! has anyone else and do we sign it?
Do we take the money? or try and get the full £195 that we paid, if so what do we do now?

mickg_4

keatergreyhound wrote: »

Hi people
Over the years weve had 2 mortgages which I still have the account details for but havent a clue what fees we agreed to pay and what we did pay.
Is there a template letter for writing such a letter.
If not can anyone please give me an example of what I might write.
Im not very good at this sort of thing so may need my hand holding a little?
Any volunteers?

Follow the links for a letter template.

http://www.thisismoney.co.uk/refunds

mickg :j

mickg_4

I have just received a letter from Cheltenham & Gloucester after I had complained, reducing my "closing administration charge" from £225.00 to £90.00.

Should I accept the new charge of £90.00 or write asking for a further reduction.

The mortgage was taken out in November 2002 and is due to mature in 2012.

I think I've read on this site that the amount C & G should charge is £50.00

mick

Mandy1980_2

Sorry, i hope i dont sound silly in this - but probably will!

Can you claim back redemption panalties?