NEW Mortgage Exit Fees Discussion

MarkyMarkD

@Aunty Jean - your mortgage started when the fee was £295, and you are getting charged £295. There's no basis for a refund under the FSA's ruling. You won't get charged any other charges - the £295 is the total due.

@wacsa - if the second charge lender is FSA regulated, then they have to comply with the FSA's ruling and will have to refund if they've increased their charges (and the increase cannot be justified etc).

@nomorec - you haven't paid MEAFs when you've switched products and nor have you paid penalties. You've paid mortgage review fees and product fees, neither of which are covered by the FSA ruling and neither of which are reclaimable for any reason. You chose to switch product; the fees are therefore 100% allowed.

AuntyJean

MarkyMarkD wrote: »

@Aunty Jean - your mortgage started when the fee was £295, and you are getting charged £295. There's no basis for a refund under the FSA's ruling. You won't get charged any other charges - the £295 is the total due.

But why does Thisismoney suggest the following?

Secondly you can also complain simply because you feel the fee you paid was too high. Rather than let you take the matters to the Financial Ombudsman or the small claims court, the bank may simply pay you back some of the money. The true cost of closing a mortgage is estimated to be £35.
ALLIANCE & LEICESTER - FEE HISTORY

In January 2004 the combined exit fee and deeds release fee were set at £195, up from two separate fees of £160. In August 2004 this rose to £295.

CURRENT POSITION

Current borrowers who signed up prior to August 2004 will pay £195 if they close their accounts. Former customers who paid £295 but signed up prior to August 2004 will be refunded £100 without quibble, if they complain. It may still be worth demanding more of a refund, because A&L still appears unprepared to justify its very high charge. In the past, threats of resorting to the small claims court have resulted in full refunds being made by A&L.

ADDRESS

Customer Services Centre, Carlton Park, Narborough, Leceister LE19 0AL.

debjk

debjk wrote: »

Its prob been answered before but I changed form a B&B mortgage to a halifax Mortgage approx 5 years ago I have no paperwork from that original Mortgage No account number or anything. It was a joint mortgage with My ex partner and when we split I took on the mortgage with a new lender so how would I go about claiming back any fees I have no idea what or if I paid any and have no details of the account

Help please

Debbie

ok will ask again

bit more info I took out my original mortgage with bradford and bingley in 1988 :shocked: I had a 2nd mortgage on top of that approx 5 years after then completely switched to the Halifax in 2001 so do you think I possibly can make a claim even though I have no paper work left from the bradford and bingley mortgage not even an account number

Debbie
Thanks in advance to anyone who replies this time

rach29

Hello,

Apologies if this has been answered before but I had a look & couldn't find the answer.

I took my mortgage in 2003 with Natwest, sealing fee was £85 it 3was redeemed in 2006 and the sealing fee had increased to £225. I called Natwest to ask for a refund but apparently because I asked for a change to my mortgage rate in 2005 I am not entitled to a refund as I has agreed the new fee of £225 at the time.

Is this right? I didn't borrow any extra money I just agreed a new rate.

decembermummy

Hi

I am in the same boat as you, Rach - I also got turned down for a refund due to agreeing to a new discount rate in May 2005 when my 2 year fixed rate had ended in April 2005. We redeemed in December 05 and paid £225

MarkyMarkD

AuntyJean wrote: »

But why does Thisismoney suggest the following?

Secondly you can also complain simply because you feel the fee you paid was too high. Rather than let you take the matters to the Financial Ombudsman or the small claims court, the bank may simply pay you back some of the money. The true cost of closing a mortgage is estimated to be £35.

Because This is Money are wrong. There is no requirement under the FSA's ruling for these fees to reflect costs. They are not penalty charges and hence all the "illegal bank charge" nonsense doesn't apply. They are simply a fee for closing down your mortgage account - an MEAF as the FSA calls them - and they don't have to be reasonable or related to costs. All they have to be is the same as the amount you were told up front.

MarkyMarkD

@debjk and rach29

The FSA's ruling is very clear that it's the date when you last were notified of the charge which matters. Anyone who's taken a further advance, or switched product, will have been notified of the latest fee at that point and is deemed to have accepted it, as part of accepting the further advance or the product switch.

jimmyjames_2

i switched from a northern rock mortgage in oct 2004.

i had the mortgage from may 2000.

however i cannot find my contract and do not know what the charge should have been and what i was charged on exit.

i have scoured the site for someone in the same situation but cannot seem to get any information........

anybody claimed from northern rock?

and what is my best approach?


sorry if this has been posted previously but any help will be greatly appreciated.....

cheers jimmy.

mayb_2

Has anyone out there dealt with a company called Britannic Money plc. This company is no longer registered with the FSA as far as I can tell. Directory Enquiries gave me the strange information that this company was ex directory. I have spent the day on the phone and have now tracked them through several different 'companies' off shoots of companies including Britannic plc and now have a number to try in the morning relating to First Direct.

It has become a bit of a challenge now to track them down. I don't hold up much hope of getting some of my charges back. £175 mortgage sealing fee and £75 deeds release fee in 2003. However, I do not give up easily - any one else lost their company?

Mark_K_2

Hi there

Thanks to this site and like many others I have reclaimed my Mortgage Admin fee from the Halifax.

When I called the number they reminded me I had a 2nd mortgage with them years ago.

All good so far.

Looking at the site and other peoples amount they got back I am concerned if I have not asked the right questions.

I had one small mortage years ago and got £10 back as an admin fee and my other larger mortgage I paid off 5 years ago I got £25 back as an admin fee.

Many other on the site state they got £175 plus back.

I have received a cheque for £35 in the post now and it states in full and dinal settlement and just want to make sure that I have got what I am entitled to before cashing.

Any advice would be greatfully received

Thanks
Mark