NEW Mortgage Exit Fees Discussion

mayb_2

MarkyMarkD
I see what you are saying - but that is why I am saying something must have gone seriously wrong at the point of sale. moredebtthanalbania obviously didn't understand what had been arranged - so what happens then? Should somebody also not have explained the cost of changing the mortgage to another provider so early in the plan?

MARTIMAN

kat1234 wrote: »

Hi what letter did u send to abbey as my mortgage was round about the same time thanks

I rang them, stating that id like to claim back exit fees, gave them my mortgage a/c no, confirmed my name & address, thats it, & was sent a form to fill in. Recieved cheque a week later.

MarkyMarkD

Mayb, I absolutely agree. As it was bought through a mortgage advisor, that mortgage advisor didn't do his/her job properly if MDTA has such a poor understanding of the product he/she'd bought. And the solicitor should have gone through the key terms before signing them up for the mortgage and made sure they'd understood - that's part of the solicitor's job.

kat1234_2

MARTIMAN wrote: »

I rang them, stating that id like to claim back exit fees, gave them my mortgage a/c no, confirmed my name & address, thats it, & was sent a form to fill in. Recieved cheque a week later.

Hi thanks for that information i rand this morning and was told that a form will be sent out to me what is onthe form thanks:D

john10_2

hi i dont no whether i am posting in the right place but i sent my s a r to bb and have received statements i have now sent the next letter with all the calculations on and waiting for their reply which is up tomorrow.

jeffk

MarkyMarkD wrote: »

If you redeemed 18 months ago, your original fee was almost definitely not £295 as this was introduced in August 2004. So if your A&L mortgage was for 2 years or more, your original fee was definitely less than £295 and you can claim some sort of reduction.

Cheers - I found the dates, and it looks as though my mortgage was taken out prior to their fee increase, and I was charged £295 when I settled, so I've used the standard letter and will see what happens. Now for Abbey with my wife's recently remortgaged flat - that should be more of a formality as she'd had it for 5 years!

MacThe_Knife

In 2005 I was planning to move my mortgage. However, when faced with my incumbent provider's increased MEAF (Coventry Building Society), and only becasue of it, I chose to take another mortgage with them and avoid the fee. Otherwise, I would have moved to a better interest rate elsewhere. Would it be reasonable to claim the amount of the increased MEAF (£195 - £50) that I would otherwise have paid?

MarkyMarkD

Er, no. You chose to switch products and now, by doing so, you are liable for the £195 MEAF when you eventually redeem.

You can only claim, under the FSA's ruling, if you have actually redeemed. Are you seriously, seriously claiming that the £145 was the make-or-break between staying with them and leaving? The figures would have to be incredibly close (in percentage terms) for that to be the case.

MacThe_Knife

Thanks for your comments MarkyMarkD.

Yes the figures were close.

However, I would expect that if I were to move today that I should only need to pay the original £50 MEAF.

Deb12_2

Hello - not sure if I am posting in the right place either....however, I wondered if anyone had an advice or thoughts on my scenario...

In May 2006, I moved my mortgage from the Abbey National Plc and was charged an exit fee of £225. Following the information I obtained from this web-site and the very useful template, I wrote to Abbey and requested reimbursement of the difference between the original exit fee and the final mortgage exit fee I was charged. On further inspection of my original mortgage offer document (which I attached to this letter) I noticed that the document did not refer to a mortgage exit fee or indeed any amount (although at the time I took out the mortgage in March 03, I believe a typical mortgage exit fee would have been in the region of £65). Abbey replied to my letter and asked me to complete a Mortgage Repayment Fee Enquiry Form, again I referred them to my original offer document & supplied a copy. I subsequently received a cheque for £126...which is not the difference between £225 & £65 or £225 and no exit fee, togeather with a leaflet detailing a three stage complaints procedure....so I am a bit confused.

Have I misunderstood the process, am I being fleeced for an additional £34 or was the orignal exit fee £99? - just interested in the process really....