NEW Mortgage Exit Fees Discussion

mayb_2

Clare If they were the only fees you paid I would think that means they were your MEAF's under another name - a relatively low figure though compared to some - so you may only be entitled to £25 or so anyway and they may be able to justify that if you made them. Bit scary if someone can help themselves to the contents of your Bank Account without your permission, I think I would be more worried about that bit!!

Clare11

Hi Mayb
Actually a member of staff from the Northern Bank rang me back when I queried the £100 last month. She said it WAS an MEAF! The Bank in their letters now say its NOT! I dont think they had the right to take that money from an account of ours but I may be wrong.
I dont know about the legalities of it all. Infact it was the Consumer Council in Belfast encouraged me to challenge the £100 by asking for the ACTUAL invoice.......they probably knew it was their own in-house solicitors. I am asking for their help too in an email I sent to them .....telling all.
I think the £100 is still too much!
Any one care to comment on this matter?

They caused alot of hastle to us in the past and I wont be fobbed off!
I have already been successful in claiming back the penalty charges....smiles.
I just want them to know what it feels like to be put under pressure!

Kind regards
Clare

M82MBC

I arranged a mortgage with C&G in August 2005 and as stated in the contract there was a closing admin fee of £225. I repaid the mortgage early last year and was charged the £225, can l claim back any fees as i still think this fee is high for the work involved? Thanks

MarkyMarkD

No, M82MBC. You agreed to pay £225 at the end of the mortgage's life, when you took it out, and that's what they have charged you. Why shouldn't you pay it?

They are ALLOWED to make a profit - that's what they are there for.

Clare11

Hi Marky,
An interesting question for you any anyone else.......smiles

Where the specific amount was NOT mentioned in a mortgage contract back in 1995...... the term used ....

"Once all the Secured amounts have been repaid or paid to the Bank in full, the Bank will, at my/our request, release the security created by this Charge. I/We will first pay ALL THE COSTS in connection with the release of the Charge"

Would you not agree this is very "open".....they could charge anything.

Would I not be within my rights to question any amounts they charge for this "service".

As you rightly say they are allowed to make a profit but its the amount of profit that concerns me.

I think you know what I am referring too.... smiles...£100 in "solicitors fees" charged back in 2004.

I would appreciate any comments or advice

Kind regards
Clare

MarkyMarkD

The wording you quote is absolutely standard wording for a MEAF. As we've discussed, the charge they are seeking to levy is a MEAF or part of the MEAF, and it's covered by the FSA's ruling. I can't understand why they seem to believe otherwise, as no other lender seems to have the same belief they do about things which should form part of the MEAF.

tee_pee_2

Well I have sent 3 letters to my 3 previous lenders, B&B Cheshire and Nationwide as I have no statements as to how much I paid, I suppose it will ust have to be a blag. Will have to wait and see now. "Trying not to count my chickens and all that!!"

sunlinesam

Hi there all,

Ive tried to read as much of thread as i can but i havent seen anyone else with same question as me.

I am currently possibly remortgaging.

I have a mortgage which was originally the N&P now the Abbey of course and i started that in 1993. All my documentation states the exit fee as £55 but of course Abbey currently ask for £225.

My questions therefore are -

1) As i am only just arranging a remortgage do i contact Abbey first for a lower arranged fee prior to completion or do i pay the £225 and then hopefully claim the difference back?

2) Presumably the fact the mortgage started with the N&P before they were 'morphed' into the Abbey won't make any difference regarding the original stated exit fee i have on my paperwork from 1993?

Any help or advice gratefully received,
Thanks in advance,
Sam x

[Deleted User]

Apologies in advanc eif this is already posted elsewhere but I don't have time to trawl through all of it....

I spoke to Abbey today as I am redeeming my mortgage in a couple of months (Yipee!!) and they say my exit fee will be reduced from £225 to £99.

MarkyMarkD

Sunlinesam

Pay what they are asking for, and then claim the difference back.

They are allowed to ask for the "wrong" amount until something like 31 August, after which they'll have to start asking for the "right" amount in the first place.

It might seem silly, but it will only mess up your redemption process if you refuse to pay the amount they've asked for.

And, according to other posts, they'll refund you very quickly when you complain.