NEW Mortgage Exit Fees Discussion

AllenMansurian

In 2007, banks were spanked for increasing Mortgage Exit Fees, charged if you switched or repaid in full. If you were overcharged, you can get this money back, and 100,000s have, with new claims still working en masse. Here's how to reclaim your cash in minutes.

Valeria12

Thanks for sharing. Keep sharing such type of information in future too.

Angelina_Soprano

i WOULD be very interested to hear from people who took out endowment mortgages with Britannia B.S. -
we had NO early repayment charges whatsoever in 1988
now suddenly another few hundred pounds are being added to burden - if we suckers pay our missold shortfalling mortgages off quicker to avoid interest - it took these highwaymen until September 2010 to actually tell me I could have daily interest instead of yearly interest and when I complained - they said they had posted letters out in 2004 ... the ombudsman just sat back and allowed the Brit B.,S. to walk all over me - accepting this excuse. I'm sorry but they aint on the side of financial institution justice or helping to prevent misleading information or lack of information that financial advisors give to public in some cases:(
I'm hoping that
a) I get the shortfall even - and interest rates rise enough so that I benefit from a lump sum - although the £12,000 lump sum (its like a savings account - he said) is not going to happen
or
someone with a conscience looks at my case and realises I have been neglected, misled and given wrong advice all along the line.
Martyn - take these mortgage changers to Cameron
these new changes are penalising the VERY people they have abused and led up the garden path in the first place - the people who are trying to overpay to bring the shortfalls and interest down - what are we supposed to do - bring the shortfall down - then just keep paying until the end of the term? I finish this year and I am very very angry about the slush pile of money I have thrown at the Britannia Bs in order to overpay my mortgage and the lack of sympathy or help their staff - especially in customer services have displayed.

Blitzwing85

I've just received my end of year statement from Nationwide and there is a Redemption Administration Fee on there.
I haven't changed anything to do with the mortgage at all so I have no idea what this charge is for.

The only thing I have done is taken out a 2nd mortgage with another lender on an investment property. Is it likely this fee is related to that?

I'l be phoning them up but can't until Monday so just wondering if anyone else could clarify.

dunstonh

I've just received my end of year statement from Nationwide and there is a Redemption Administration Fee on there.
I haven't changed anything to do with the mortgage at all so I have no idea what this charge is for.

It is the redemption charge that they levy when you repay the mortgage. It hasnt been levied. Its telling you the cost of paying off the mortgage and that is when you pay it.

Blitzwing85

dunstonh wrote: »

It is the redemption charge that they levy when you repay the mortgage. It hasnt been levied. Its telling you the cost of paying off the mortgage and that is when you pay it.

Ah ok thanks for clearing that up. It threw me off as it is not on my previous 2 years statements and with me just taking out this 2nd mortgage I immediately assumed it was that.

kingstreet

Is it showing as a charge which could be levied on redemption, or are you saying its an actual cost entry on your statement that has been charged?

Nationwide has set a £90 fee on repayment of its mortgages since 2005, IIRC. This is payable when you repay the mortgage, either at the end of the term, or if you repay the mortgage earlier for any reason.

If your mortgage dates back to before 2005, the fee payable would be whatever was in your terms and conditions at the time you took out the mortgage. A change of product at some point since then can introduce a fee which didn't apply at the outset.

I don't know if Nationwide makes a charge for consent to a second charge. There is nothing in its fee tariff to say it does.

Blitzwing85

kingstreet wrote: »

Is it showing as a charge which could be levied on redemption, or are you saying its an actual cost entry on your statement that has been charged?

Nationwide has set a £90 fee on repayment of its mortgages since 2005, IIRC. This is payable when you repay the mortgage, either at the end of the term, or if you repay the mortgage earlier for any reason.

If your mortgage dates back to before 2005, the fee payable would be whatever was in your terms and conditions at the time you took out the mortgage. A change of product at some point since then can introduce a fee which didn't apply at the outset.

I don't know if Nationwide makes a charge for consent to a second charge. There is nothing in its fee tariff to say it does.

It hasn't been charged to me just added on so yes it's just what i'd have to pay IF I paid off the mortgage now.
As I say it wasn't on previous statements which confused me but it seems clear that this is all it is.
Mind you it was a fixed 2 year term during my previous 2 year statements so maybe they don't bother putting it on as you're fixed with them anyway.

kingstreet

Is it the £90 I mentioned?

If it is, and the mortgage was taken out after 2005, or a change of product happened after 2005, it is correct.

Can't explain why it has suddenly appeared now, It should have been there since the product was taken. It would be charged at any time, regardless, so the two year fix thing isn't relevant.

Blitzwing85

kingstreet wrote: »

Is it the £90 I mentioned?

If it is, and the mortgage was taken out after 2005, or a change of product happened after 2005, it is correct.

Can't explain why it has suddenly appeared now, It should have been there since the product was taken. It would be charged at any time, regardless, so the two year fix thing isn't relevant.

Yes it is the £90.
Well then I have no idea why it isn't there. Must just be a mistake from them.