NEW Mortgage Exit Fees Discussion

Yorkie1

BA you have posted the same video post 7 times. Spam reported.

yorkermiles7570

I hate the whole concept of mortgages, borrowing money that allegedly never existed in the first place and then paying interest on that..surely there are other options.

John_Pierpoint

ravenk wrote: »

I have also just been stung with a Mortgage discharge fee of £105 by the Newbury Building Society.
I'm about to finish my mortgage and figured I might leave a £1,000 outstanding to keep a relationship open with them. When I discussed this , I was told nope ...we want all the money paid back at mortgage end (29th of March).
To be honest they don't understand the word customer ot relationship. your just a number on a Database.
They then informed me of the £105 discharge fee !
A final sting in the tail.
After 15 years with them , this what they think of my custom.
Never missed a payment in 15 years.

Tempted to cause them misery by underpaying amount due by £10 and let them generate paper work and hassle chasing me for it :-)

It sounds disgusting to me BUT was the exit fee in the Ts & Cs you signed 15 years ago?

If you don't play the game, they will simply not discharge the mortgage registered against your property at the Land Registry, and refuse to return any other documentation of yours they are holding (planning permissions, guarantees for work done etc.) still erroneously referred to as "the deeds".

blossom_tree

Hi,

We tied ourselfs in our mortgage for6 years, fixed at 6.09% it ends next April. We had the loan put on it, but if we want to change we have penalties to pay. It is with TSB , we have been with them many many years.
We pay £980 month and need a cheaper deal. Is it worth it?? I think we have around 10 years left on the mortgage. ?.. should we see it through or move and pay the fee.
Any would be good. Thank you.

kingstreet

You may be better starting a thread of your own about paying an early repayment penalty. This thread is about exist fees, a different subject altogether.

dwow

I was looking at mortgages and came across this website. I did a search and they were able to give me a really cheap quote online. Looks good to check out rather then the usual comparison websites.

michel317

hi frinds i am michel from india

dunstonh

amanthapeterson wrote: »

Everyone knew that buying a home is a satisfying experience until and unless one can get the urge to move on and realise the costs can be substantial. Customers who wanted to switch from one home loan lender to another previously had to pay up to thousands of dollars in early exit fees. Now that these fees have been abolished, it’s easier for borrowers to jump ship from their current mortgage to a cheaper one. This is all I know about the mortgages and other payments.

This is a UK board. not US. Your information is not correct for the UK.

contractor

For info I got my redemption statement from Santander today for my Abbey National 100% with cash-back mortgage that I took out in 1998. They've added a £225.00 repayment fee onto it under the ERC column.

I've looked through all of my material and the only ERC mentioned was the one that kicked in if I paid prior to 2003. Nothing in any documents regarding early settlement after that date.

I'll follow up once it's all settled as I don't want to delay the repayment of it and the release of resulting funds.

dunstonh

contractor wrote: »

For info I got my redemption statement from Santander today for my Abbey National 100% with cash-back mortgage that I took out in 1998. They've added a £225.00 repayment fee onto it under the ERC column.

I've looked through all of my material and the only ERC mentioned was the one that kicked in if I paid prior to 2003. Nothing in any documents regarding early settlement after that date.

I'll follow up once it's all settled as I don't want to delay the repayment of it and the release of resulting funds.

That doesnt sound like an ERC. ERCs are only chargeable (nowadays) if you are within the deal period. So, unless you bought another deal after that, it is more likely that it is a MEAF. It is inline with their MEAF charges.