NEW Mortgage Exit Fees Discussion

suitsyousir

hmmm she cant remember what she signed,i suppose she is out of luck then. thanks anyway for your help. im going for mine.....

suitsyousir

Noz wrote: »

Only that your girlfriend will need to confirm what she actually signed for. If she re-mortgaged, then its possible she agreed to updated/new t&cs (including a new higher MEAF). Only your girlfriend can confirm this.

thanks for your advice, she cannot remember what she signed, but thinks that she signed to agree to a higher meaf. im fighting for mine tho!

mattyh

I repayed abbey in 2003 and was charged a fee of £99, plus a 'discharge fee' of £80.

Looking at the experiences above, and if anyone has had any dealings with Abbey at around the same time, is it worth a call?

MarkyMarkD

suitsyousir wrote: »

my girlfriend phoned her bank, and they told her that she had signed a piece of paper agreeing to the change of MEAF. She exited her mortgage in April 06 when we bought a house together. they told her she signed this in 2005, as part of her re-mortgage after her fixed rate ran out.

any advice please?

I think that you mean that she switched mortgage product, with the same lender, in 2005 (NOT that she remortgaged - which is a change of lender).

As part of any mortgage product switch, you are deemed to have accepted the MEAF applicable at the time, so it's not a case of "did she sign a piece of paper" - the MEAF was part of the new product she asked to switch to.

Nogbad_2

A query :

I took out a mortgage with the Woolwich in 2001 (it was a fixed 5 year). I then moved house after 3 years and took out a second fixed mortgage of 2 years to allow me to buy a bigger house (therefore both mortgages would end at the same time). I remortgaged last year.

In terms of claiming back the exit fee, should it be the one quoted in my original mortgage of 2001, or the one from the mortgage of 2004 ?

NB

Techy_1006

I am also confused I remortgaged with Northern Rock in Feb 2006 and was charged £295 for a Mortgage Review Fee which was "charged to your existing mortgage account when you ask us to close down your existing mortgage product in advance of your transfer to a new mortgage product. This fee relates to the closure of your existing mortgage product". Is this the same as a MEAF? Sounds like it to me, just with a different name!!
Should I just write to them to ask?

Susie_B_3

I mortgaged my house with Platform Funding in November 2004, I am self-employed and took out buy to let as was letting my house out for a while. I remortgaged in November 2006 after the two year deal, gave 1 months written notice so as not to incur a high early repayment charge. I queried the following charges with the lenders solicitor as I felt then that this was wrong:-
deeds release charge (£50) and early redemption fee(£135) ( when I took out the contract the charges were stated as £25 and £100). I spoke to someone at Platform and was curtly told that the figures have increased and they were the figures I would be charged.
On the final settlement statement the early redemption fee is called the mortgage discharge fee.
Can I claim for £25 from deeds release and £35 from Mortgage discharge fee (there is no figure under this title on original fees schedule)?

Would be greatful of advice.

ernie-money

MarkyMarkD wrote: »

I don't agree with Martin's original article regarding this point. The FSA's ruling clearly states that lenders can charge what they like, as long as they state it up front.

Lenders had to tell the FSA by the end of February 2007 how they were going to deal with both current and former customers. The July 2007 deadline is not very significant - it represents the date from which newly redeeming customers must be charged the "correct" amount. Up until that point, they can be charged the "wrong" amount but they'll still have the right to claim a rebate. Most lenders are already charging the "correct" amount.

There's no point at all in delaying a claim until July or August; neither is there any point in expecting to get more back than a refund back to the amount you originally agreed to. And nor is there any moral case for getting more.

The costs are irrelevant. There is nothing wrong in lenders making a profit on MEAFs, or any other up-front-disclosed aspect of mortgage fees such as arrangement fees, valuation fees or product switch fees. They are all part of what you agree to when you take out a mortgage.

Thanks for your reply!
I don't think I quite brought my point across though - the lady I spoke to on the phone said that they are allowed to charge anything up to £115, but didn't mention if this was the figure on my original mortgage contract. From the way she worded it, it sounded like this is how much they are allowed to charge new customers now, but is there any way to find out for definite how much the charge was when originally we took the mortgage out?
The Stroud & Swindon are unfortunately not in Martin's table of lenders with fees showing, but if he could find out, then surely I should be able to...?
Thanks in advance!

brown_r10

I watched the great Mr Lewis on LK Today last week (if that makes sence) and phoned Abbey about the MEAF straight after Jeremy Kyle...

I have recieved a form that i need to fill in. The lady i spoke to was very helpful.

This was my first mortgage, and it started in 2001 and i remortgaged in 2005.

Because we had additional lending during our time with Abbey they are saying we are not entilted to a refund of said costs.

Does this sound right to you? Is it just another one of these delaying tactics the banks are so good at?

Cheers
Russ & Leanne.

Getting Married in 9wks and 2 days so could do with all the money we can get our grubby little hands on...

SkintSazzie

We repaid our Mortgage with Mortgage PLC in September 2004, we paid an early redemption charge of £1825. On looking through the contract this appears to be right('6% of the capital balance being repaid'). Do we still have a claim?

Thanks Sarah & Sean