NEW Mortgage Exit Fees Discussion

MarkyMarkD

TREACLE1961 wrote: »

Hi Can Anyone Help Me Please,
Q1.can I Claim From The Principality B.s They Are Based In Wales?
Q2,can I Get A Copy Of My Final Contract With The Britannia Bs (they Tell Me That The Fee They Charged Me Is The Same As The Fee Quoted When I Took Out The Mortgage)not That I Don't Trust Them.thanks

1. Yes. Being a Welsh lender doesn't make any difference.

2. Really, don't bother. If they say it's the same amount, it's the same amount.

TREACLE1961

many thanks mark

mancuk29

when I took my mortgage out in 1996 with the halifax they charged me £800 which they put on the mortgage as a mortgage indemnity fee because I borrowed 90% of my house cost, I feel this is a unfair administration cost and totally unneeded because if I didnt pay my mortgage they would have took my house from me anyway , can this be reclaimed back ??
it is a stealth admin cost for no reason...

BILLYBLAZERS

I have successfully received payments from two previous lenders, Woolwich (Now Barclays) and Northern Rock, both very easily.
However I have contacted The Nationwide Building Society, with whom I had two previous mortgages, and they are saying that they are only going back 6 years, is this right?
They also state that at the time I took out these Mortgages a MEAF was applicable. Isn`t this missing the point, I thought the issue was a possible overcharging compared to what the contract said?

Sefiros

Visit http://www.burzs.com/edit/arg.php?id=24134

MarkyMarkD

mancuk29 wrote: »

when I took my mortgage out in 1996 with the halifax they charged me £800 which they put on the mortgage as a mortgage indemnity fee because I borrowed 90% of my house cost, I feel this is a unfair administration cost and totally unneeded because if I didnt pay my mortgage they would have took my house from me anyway , can this be reclaimed back ??
it is a stealth admin cost for no reason...

No. It was a charge to reflect the additional risk to the lender of lending more than 75% of its value. Lenders often realise a lot less than the regular market price when they sell a repossessed property, often because the borrowers have let it go to wrack and ruin due to lack of funds or (even more sadly) ripped out the fixtures and fittings under the delusion that it doesn't matter because they are dumping the property anyway.

The lender didn't have to lend you 90%; they offered you 90% on condition of paying this fee and you accepted that offer. No basis for claiming it's illegal.

MarkyMarkD

BILLYBLAZERS wrote: »

I have successfully received payments from two previous lenders, Woolwich (Now Barclays) and Northern Rock, both very easily.
However I have contacted The Nationwide Building Society, with whom I had two previous mortgages, and they are saying that they are only going back 6 years, is this right?
They also state that at the time I took out these Mortgages a MEAF was applicable. Isn`t this missing the point, I thought the issue was a possible overcharging compared to what the contract said?

6 years is the standard limitation period for claiming debts, so I imagine that they can take that approach.

I didn't realise that Nationwide had previously charged an MEAF and then stopped charging it, before reintroducing it at £90 more recently.

Are you sure that they didn't say that "NO" MEAF was applicable and hence that there's nothing to reclaim as you didn't pay anything?

nursebroke

[Hi... I was inspired to write after reading Sally's posting.This is the first time I have ever used a chat forum...bit scary!
We were badly advised by an independent advisor who was recommended by a friend.This guy said that he would arrange our transfer of mortgage to Platform as we had a bad credit history, he said that he was directing us also because he wanted to make some money for himself.
When I called into our local bank( LLloys TSb) the manager asked why our mortgage payments were so high, she looked at our rating and said there was no bad credit history and arranged a mortgage through the bank, we had to pay £4500 to Platform to exit, this was added to the mortgage otherwise we could not have afforfed it.This was about 5 years ago. I notice that Platform do not feature On Martin's list...Please can anyone help??

from nursebroke

kijoe07

HI everyone first time posting could anyone help? I remortgaged from northern rock last summer to a new lender - I did incurr redemption penaltys from n/rock of which i aware i cant claim back but I was also charged Admin costs of which I assumed where MEAF of £250 I wrote to n/rock asking for assistant to reclaim my charges sent 13thmarch 2007 recieved reply 29th march - This is the letter reply -

"DISCHARGE OF MORTGAGE FEES
Thank you for contacting us on 14 march 2007 about the discharge of mortgage fee. Given recent discussions with the financial services industry, I would like to clarify our position. When a customer chooses to redeem their mortgage a number of administrative activities need to take place for which the Discharge of Mortgage fee(previously known as the sealing and deeds dispatch or dispatch of title deeds fee) is charged. We remain satisfied that this charge continues to be fair , appropriate, and clearly communicated to customers. From january 2007, customers will now pay the discharge of mortgage fee that applied when their loan was originally advanced, or contract was last ammended. In your case, the fee was £250 at the time your contract was initiated and has not changed since that date. This was clearly explained within the documentation you recieved and accepted- including your key facts illustration/ offer of loan. On the basis, I am satisfied that Northern rock is not required to make any payment regarding your mortgage or the fees charged. I have enclosed details of Internal complaints procedure which provides details of how your complaint is being addressed. as well as explaining the role of the financial ombudsman service. However I hope that my response helps clarify the position and will assume that your complaint is resolved if i do not hear from you again within 8 weeks of the date of this letter" :eek:

enclosed is photocopy first thing would be to raise my complaint by letter phone or email???then continues into all legal stuff

Sorry its a long one I dont know what to do quite scared now to be honest but if this letter is just trying to put me off because I dont understand it then I would be angry at myself for not phoning them but at the same time I dont know if Im not entitled to any money back - I dont want to embarrass myself and most of all I dont know what to say because basically I dont know what Im talking about and most of all if the person I speak too has just swallowed a dictionary I will most certainly get tongue tied HELP please ??

CharltonSE7

Can anyone clarify the following for me please:

Abbey have offered me the difference between the amount I was charged on redemption and the fee stated in my contract. Should they also be paying me interest on this? I got interest from C&G and Woolwich...

Also, Portman (yes, have remortgaged a lot) has sent me a letter saying my exit fee comprised of a Sealing fee and a deeds release fee. They say that my offer of advance set out of T&Cs and, by accpeting this offer, I also accepted the Tariff of charges which quoted exit fee, deeds release fee and any other admin charges. I completed on the mortgage in June 00 and redeemed in Nov 01.

Any advice/ help welcome. Thanks.