NEW Mortgage Exit Fees Discussion

dawnylou

Hi all,
without original paperwork is it possible to find out how much your fee should have been and how much you were actually charged?
I need to check somehow before I write to themselves and make a t*t out of myself if I only paid what was stated originally!

blondiebee_2

I have read about what to reclaim etc, But i still cant work it out (I'm not called blondiebee for nothing)

These are the details from my 'Mortgage Redemption Statement' which I received when I re-mortgaged with another building society 27th May, 2005.

Early Repayment Charge £227.05
Redemption Fee £175.00
Deeds Inspection Fee £60.00
Redemption Statement Fee £20.00
Other Fees £20.00

Is it the Redemption Fee of £175.00 that I am claiming for?

thanks for help

Noz

blondiebee wrote: »

Is it the Redemption Fee of £175.00 that I am claiming for?

That's right

Noz

ewhitlock wrote: »

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

Elaine, you need to be slightly cautious with your approach. The guidance from the FSA and MEAFs isn't linked to the actual cost of the process - but simply what was quoted to you when you started the mortgage is what you were charged when you redeemed the mortgage. The lender can charge whatever they want as long as its still the same value when the mortgage is redeemed. The issue isn't how it actually compares to the cost to the lender.

tiger74

Sorry, this is more of another question than a reply. Can I still try to re-claim a mortgage exit fee for a BUY-TO-LET mortgage? I am not sure, since these mortgages are not regulated by the FSA. Was the legislation just effective for your normal residential mortgage exit fee? No FSA cover, no back up from the legislation? I couldn't see the names of my B-2-L provider on the main lists.

Or is it just worth a go anyway (my preferred idea!:T )! I found my B-2-L exit charge extortionate a couple of years ago and wanted to write and ask for justification for it back then :mad: !

peps

i paid off my mortgage to capital home loans (irish permanent), and although i was out of the redemption penalty period, they charged me 2 months mortgage fees as i didn't give them 2 months notice of paying the mortgage off in full. This amounted to over £1200. I found it in the small print of the contract. Is this fair, and why do they need notice? has anyone else had similar experience.

totally_confused_4

Hi

As my user name suggests, I'm not fantastic at this sort of thing but here goes:

I took out a mortgage with A&L in 2001. In 2003 I switched to another mortgage product with them and took a further loan on my mortgage of £5,000 and was charged £250 and £150 admin respectively for these changes.

In 2005 I switched to another mortgage with A&L and was charged £495 product fee and a £250 switcher admin fee. On looking at this now, I have been charged £745 for keeping my mortgage with the same lender!!

Redemption fees were not applicable on any of these deals as I only changed them after the required 2 years.

Can I claim any of these back and how would I word the letter.

I appreciate any advice that anyone is able to give.

ladyluck1991

Do you know the fees charged by Birmingham Midshires and whether they are likely to be making refunds? I don't see them in your table.

Thanks

summersnearlyhere

Hi I'm like Joshua3 changed my existing mortgage with the same lender for a better deal and had to pay a fee ? arrangment fee of £199 with the Halifax. Surely this is the same type of thing if a whole account can be closed down for £50 ish why can't a simple transfer of rate as such be done for the same amount? Are we entitled to claim some of this back? There will be nearly as many money savers who have changed mortgage deals with their existing lender as it is part of the advice given in changing your mortgage. I followed it and after finding a good deal rang Halifax up to see if they could come up with something similar and they could so it was easier to stick with my existing lender! Come on Martin what can we do here??

Many thanks!

MarkyMarkD

No, summers.

You don't have to switch mortgage products; they don't have to let you switch products.

If you didn't switch products, you'd pay their SVR or something over 7%.

By letting you switch products, you are saving something like 2% in interest per year. And all you are getting charged is £199.

You are getting a very good deal - if you didn't think it was worth paying that £199 to save around 2%, you wouldn't pay it.

You have no basis to argue against it.