NEW Mortgage Exit Fees Discussion

ajaxgeezer

What is the fee for Kat? Have you paid the fee to pay off a mortgage? Have you not paid the fee yet?

MarkyMarkD

You are in the same position as anyone else, kat1234. You are entitled to pay what the original fee was when you took out your mortgage. If you've paid more, you are entitled to a refund.

blue70

justocker wrote: »

Hi

I still havent found out what I was charged by IF (anyone else know?), but I called them to ask for this back and was told that they were aware of the FSA investigation etc and claimed that IF would not be refunding any money. This is because they were within all of the guidelines set out by the FSA unlike other banks.

Is this true?

J

Please forgive me if you've already had this question answered but I might have missed it if you have.
I am in the same position and have just dug out all of my IF paperwork. I took out a mortgage with IF in 2002 and then remortgaged when we moved house in 2005. The discharge fee in 2002 is clearly listed as £140 in the terms & conditions and £140 is what they actually charged me. Unfortunately that means that the only way to get a refund is to demand all of the fee back on the grounds that it is excessive.

However all is not lost. By complete coincidence when I was in the process of re-mortgaging I spoke to the IF mortgage people on the phone quite a lot and not once was the discharge fee mentioned, in fact I didn't even know about it until I got the redemption statement. I was quite aggrieved that they didn't even drop it into any of our conversations and complained. They sent me a cheque for £50 as a goodwill gesture - which was nice!!

marpug

Hi
I'd like to get some feedback about deed despatch fees. I've written to the Halifax asking for repayment of £170 to cover difference in originally stated MEAF and deed dispatch fees. Their current reply says they will pay £135 which covers the MEAF as full and final payment. The difference in deed dispatch fee is not being included. Is anybody having any luck reclaiming the deed dispatch fees and do people think it’s worth pushing or should I accept their offer?
Thanks.
Marpug

MarkyMarkD

As I've posted on the other MEAF thread, I am 100% convinced that Halifax are wrong in their assertion that deed dispatch fee does not form part of MEAF.

To expand on what I've said on the other thread:

The FSA's statement of good practice on MEAFs (here: PDF link so don't click unless you have Adobe Reader http://www.fsa.gov.uk/pubs/other/meaf_goodpractice.pdf) defines MEAFs as follows:

An MEAF is a fee levied under an MEAF term

and in turn:

An MEAF term is a provision ... which obliges the customer to pay a sum for the cost of administration services which a lender incurs when a customer exits a mortgage contract.

Now, it seems pretty obvious to me that a deeds dispatch fee is part of the "sum the customer is obliged to pay for the cost of administration services ... when a customer exits a mortgage contract".

Halifax are also the only lender that I've heard on these boards as taking this line ... which means they are all the more likely to be wrong.

I wouldn't accept the £135; I would write back to them saying that the deeds dispatch is clearly part of the MEAF as defined by the FSA's Statement of Good Practice on MEAFs and that they should therefore refund £170.

AuntyJean

I am about to change my mortgage from Alliance & Leicester at the end of the 2 year discounted rate. They will be charging me £295 Redemption Admin Charge.

I want the new mortgage to start smoothly so will probably have to pay this. Will I be able to claim it or part of it back?

I notice on the forums there is mention of Deed Transfer Charges or the like. I thought there was no such thing as deeds anymore (all held in some database) or does that only apply to newly purchased properties?

What would be deemed to be a reasonable charge?

wacsa

Hi, Please Help!
I would like to know if you can claim charges from a homeowner loan (2nd charge on mortgage), I remortgaged from Alliance & Leicester last year, and also paid off a homeowner to Capstone mortgages,(formerly SPPL) would I be entitled to a refund from both? A&L said I was charged £295. Please can someone help me with this?

Regards.

nomorec

hi we have had a mortgage with nothern rock for years which we just paid off, in the years we were with them they offered us various deals which saved us interest over fixed periods my question.. everytime we took one of the deals we had to pay a penalty are we due money back on each transaction? these amounts varied but all were over £1000 would ther be a MEAF tied in to each change

marpug

Thanks MarkMarkD, I'll be sending my letter off tomorrow and will post their reply when I get it.

lizziebabe

Thanks for telling us about this. Have successfully reclaimed nearly £150 from C & G. Had all the info in front of me as women at the other end needed to prove I was who I said I was. So as I did she said cheque would be in the post. Yippeeeeee