NEW Mortgage Exit Fees Discussion

dannos

hi im a new member so plz b gentle with me, i watched the item about meafs on gmtv today an promptly started calling all my old mortgage companys demanding a refund .but 2 of said companys have asked that i put such requests in writing an i just wondered if there was any kind of template letter to make this process alot easier ,i like a number of ppl who have posted on this site am no longer in possession of my older mortgage details and wondered if this will affect my claim

thanks in advance

dannos:T

frosty1967

HI
Have just got through to C & G who have confirmed we are entitleld to £143 refund Yippee :j

frosty1967

HI
Have just got through to C & G who have confirmed we are entitleld to £143 refund Yippee :j

julieo1975

I'm wanting to make a claim against Abbey but i don't seem to have the address. Would it matter if i sent my letter to any branch.

Noz

I wouldn't think so, but check their website

smreynard

If you are in the process of just completing on a new mortgage with completion date in a week, is it better to just pay the exit fee now and reclaim it later rather than refusing to pay it in the first place and run the risk of maybe delaying things?

Noz

smreynard wrote: »

If you are in the process of just completing on a new mortgage with completion date in a week, is it better to just pay the exit fee now and reclaim it later rather than refusing to pay it in the first place and run the risk of maybe delaying things?

I would say the former, you do risk causing delays with the later. It appears more straightforward to reclaim afterwards.

Joshua3

Hi All, call me a dumb blonde if you like but can someone clarify my situation.

I was in a fixed term mortgage with Abbey which ended in March, so I took out another fixed term mortgage with the same bank and was charge £270. (so much for loyalty) Is this MEAF or an Early Redemption Penalty? I am thinking the latter, but would like confirmation before ringing them!

Many thanks,
DB

Noz

Joshua3 wrote: »

Hi All, call me a dumb blonde if you like but can someone clarify my situation.

I was in a fixed term mortgage with Abbey which ended in March, so I took out another fixed term mortgage with the same bank and was charge £270. (so much for loyalty) Is this MEAF or an Early Redemption Penalty? I am thinking the latter, but would like confirmation before ringing them!

Many thanks,
DB

Joshua3, my feeling is that the fee charged maybe neither!

If you stayed with the same lender and simply renewed a deal (with the previous one already expired), then neither a MEAF or ERC would be applicable. What I'm thinking, is that the £270 is an arrangement fee for the new product that you have selected. To be honest, I think yourself and the Abbey are the only ones that could confirm this.

ewhitlock

Hi
Following Martin Lewis's advice I have contacted my former mortgage lender (First Active). They have told me that they will refund £30 as my original letter stated £195 exit fee and they have charged £225 in Feb of this year.
It was only when I came off the phone that I thought the the original £195 is excessive. As this was apparently noted in my offer letter and I haven't queried it before now is it worthwhile going back to them to state that I don't feel this represents the true cost (£50 is your indication)???
Please let me know if you feel this is worthwhile.
Thanks for your help
Elaine