NEW Mortgage Exit Fees Discussion

mayb_2

MarkyMarkD I have made my switches using the internet search engines and brokers and phoning companies to check their products etc. At the moment I have a fixed interest rate of 4.98 for 10 years and I think it cost me about £500 to change. There were no mortgage exit fees as I had a NatWestOne
Account and as long as I keep this open for a five year term I pay nothing. If I close it it will cost £75. This last swap is going to see me out I hope.

My son however has just paid a staggering £1000 product fee for his mortgage!!!!

peps

julestwo wrote: »

I have two mortgages and I wish to repay them both in full. They are both interest only. My Abbey mortgage of £130,599 (a year old) has 2 charges; Cashback charge £171.31 and Repayment fee £225, which does not seem bad compared to my CHL mortgage. I originally had an opening balance of £120,365 in April o4. On the 21/03/06 I repaid £60,000 and was charged a General Fee of £75 and a completion fee of £301.49. The cost now of repaying this mortgage (now £60,223.84) is Sealing Charge £170.00 and a whopping early repayment charge of £3011.19. Is this fair? How can it cost me so much more to repay this mortgage (which is smaller) than my Abbey mortgage>

I would be gratefull for any feedback/advice before I go in guns blazing. Which of all of these fees can I claim back, and can I query the enormous £3011.19 repayment charge?

I look forward to hearing from anyone who can help

Julie Swift

Hi, i had a mortgage with CHL and found in small print in the contract that if you don't give them 2 months notice that you are paying off your mortgage balance, then they will charge you 2 months mortgage payments!!
just be aware that they are really sneaky.

katy3

i have just phoned A & L and i paid a £295 exit fee in dec 06 im i right in thinking that this was too much. I also had an old morg with them which I have asked them to look into that one aswell.

Bluey8

I have just phoned Halifax who have checked my previous mortgages and are writing me 2 cheques adding up to £80, so thanks.

Now a different dilemma, we are with the Chelsea now since 2004, we were charged £195 admin Fee and £345 arrangement Fee fixed for 2 years, then 2006 we refixed our mortgage and also took out a further advance, we have now been charged £195 advance fee and £175 "current fee payable on full repayment of the mortage". Can they charge us this already even though the mortgage is still ongoing?

amber34688

Having just read Martin's guide and the discussion, I have just phoned my current lender to complain about the £60 increase in fees since 2005. I am due to transfer my mortgage to a new lender in a couple of days time and thought I would be better off trying to beat them back down now rather than claim it back later.

Their reply was that I signed to accept variable fees and that is exactly what they are giving me and the only way to deal with this is to pay it now then claim back later!

Can this really be correct? I wasn't confident enough to argue with him too much as he seemed to be standing firm and I wasn't sure how to force his position.

Any advice would be very welcome

Thanks

paiten

Hi,
I have a question to ask.I am going through with a remortgae now.I am currently with Natwest.I have found out that the sealing fee is £225 but i can't find anywhere in my paperwork that tells me how much i agreed to pay.I started the mortgage with them 4 years ago.How do i find out how much i agreed to?Or if i will be entitled to some of it back when its completed?

amber34688

paiten wrote: »

Hi,
I have a question to ask.I am going through with a remortgae now.I am currently with Natwest.I have found out that the sealing fee is £225 but i can't find anywhere in my paperwork that tells me how much i agreed to pay.I started the mortgage with them 4 years ago.How do i find out how much i agreed to?Or if i will be entitled to some of it back when its completed?

I just found this on Thisismoney.co.uk

RBS and NatWest
FEE HISTORY

Up to September 2004 fees were £75 at RBS and £85 at NatWest. In October 2004 these increased to £100 at both. In February 2005 these rose to £225 for both.

CURRENT POSITION

Current borrowers will pay the fee that appeared on their original agreement. Previous borrowers who overpaid will be refunded if they complain.
ADDRESS

Mortgage Operations, PO Box 19505, Greenock, PA15 1EF

paiten

Thankyou!

I will definately be claiming the difference back,thats a difference of £140!Thankyou again.

Noz

amber34688 wrote: »

Having just read Martin's guide and the discussion, I have just phoned my current lender to complain about the £60 increase in fees since 2005. I am due to transfer my mortgage to a new lender in a couple of days time and thought I would be better off trying to beat them back down now rather than claim it back later.

Their reply was that I signed to accept variable fees and that is exactly what they are giving me and the only way to deal with this is to pay it now then claim back later!

Can this really be correct? I wasn't confident enough to argue with him too much as he seemed to be standing firm and I wasn't sure how to force his position.

Any advice would be very welcome

Thanks

I would send your lender one of Martin's letter (from the article), let them put the same response in writing - though I would be confident that that a letter will see a refund sent to you.

tee_pee_2

i sent as letter last week to the Cheshire and got a cheque for £90 this morning.

Thanks Martin

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