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NEW Mortgage Exit Fees Discussion
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Hi all,
Just wanted everyone to know my experience of this situation.
On 29th March I read the information supplied on this site about mortgage exit fees and thought to myself that this did not apply to me. But just in case, I checked my files and to my surprise found that when I renewed in 2005 I was charged a Redemption Administration Charge of £295. So I decided to phone the Alliance & Leicester and half explained the situation and the lady on the telephone knew exactly what I was talking about, she said that i would receive an acknowledgement letter in a couple of days and then would find out their answer within 28 days.:money:
Last night I arrived home from work (12 days later) to find a cheque for £210 from them.
Absolutely fantastic!!!!:D
I hope it works out as well for everyone else.:j
Good luck. Liz xxNat West Bank - Reclaiming £576.09 (15 days into MCOL with acknowlegment received)
Nat West Credit Card - Reclaiming £360.13 (15 days into MCOL with acknowlegment received)
MBNA - Reclaimed £55.38 paid in full after 14 days of filing claim with MCOL
Alliance & Leicester (mortgage exit fee) Reclaimed - £295 paid £210 after 12 days of one phone call0 -
How will this work in my situation.
I am having to move my mortgage early in a 5yr fixed rate taken out over 3 yrs ago with A&L Obviously there charges have gone up and they quote £295 when i get a settlement figure to close. Will I be able to claim this back ? Am i going to have to play this like the bank charges?
ThanksAdjusting to life on my own, No wife = spare cash :beer:0 -
hi i have sent my form back to abbey (this bank haunts me!) for my exit fee, im not sure how much i was charged i dont have any paperwork, just an account number. How long do they normally take to respond? will they tell me how much i was charged? Shall I call back or email, anyone know an email for the abbey or has anyone had a mortgage with them that finished in 2003?
thank you0 -
MacThe_Knife wrote: »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.0 -
Hi all,
Just wanted everyone to know my experience of this situation.
On 29th March I read the information supplied on this site about mortgage exit fees and thought to myself that this did not apply to me. But just in case, I checked my files and to my surprise found that when I renewed in 2005 I was charged a Redemption Administration Charge of £295. So I decided to phone the Alliance & Leicester and half explained the situation and the lady on the telephone knew exactly what I was talking about, she said that i would receive an acknowledgement letter in a couple of days and then would find out their answer within 28 days.:money:
Last night I arrived home from work (12 days later) to find a cheque for £210 from them.
Absolutely fantastic!!!!:D
I hope it works out as well for everyone else.:j
Good luck. Liz xx0 -
Please accept my apologies as I am sure this must have been answered somewhere on these forums but I cant find it !! Is there a time limit for reclaiming these charges,Is it the same as reclaiming bank charges,6 years?
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I don't know the official answer to that one but people have been posting about charges in 2001 so it could be. I never understood the 6 year thing with bank charges so I would be interested to see any replies to your post. I would have thought whatever and whenever you took out the original mortgage, if the fees had increased beyond a justifiable amount over the period of time - the same reasoning would apply. The contract should last for the whole of its term after all. But I am never suprised by the randomness of rules and regulations as applied to financial services.0
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Most lenders don't seem to be applying a cut-off. But most lenders also didn't increase their fees significantly before around 2002, so any refunds relating to earlier periods are likely to be quite small (say £10-£50 rather than £200).0
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:j Rang Halifax this morning (on phone number given on this site)
Spoke to a very friendly and helpful man. All I had to do was give him my mortgage account number,from 2001 when this mortgage was ended.He checked it out there and then and told me my cheque is in the post.
You was right it was only a small amount £35
However,he informed me you have the right to claim back from any mortgage you have ended,in fact he encouraged me to do so,as there is no time scale to this!! :T
I have moved several times over the years so I will be checking those too.
I am also led to believe if you had a loan secured on your property,a "second mortgage",which obviously was settled at the point of sale,then it may be worth checking those out too as same rules apply?
Dont know where I stand with one mortgage company though,Think they have ceased trading,so suspect that is the end of that one.
Oh well,£35 is a good start !!:beer:0 -
I am looking to pay off my mortgage with northern rock, so is there anyway I can get out of paying the early repayment fees, instead of paying them then claiming back once the mortgage is paid?
thanks0
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