NEW Mortgage Exit Fees Discussion

Noz

SkintSazzie wrote: »

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

There is no right to reclaim an ERC - MEAFs only as per Martin's article.

steg_4

I had a mortgage with the Co-op bank which finished 2 years ago.

Just checked my redemption statement and I have the following odd "fees";

Sealing Fee - £85
Insurance Debits - £275.94
Other Debits - £50

Anyone know if I can get anything back?

It's v confusing!

MarkyMarkD

@Nogbad - the second mortgage would determine the MEAF applicable.

@Techy1006 - NR's description of their mortgage review fee is completely misleading. It is NOT an MEAF; it's a fee for switching mortgage products. It's not reclaimable.

@SusieB - the amounts you quote are the right amounts to claim.

@ernie-money - they (and any other lender) can charge new customers absolutely anything they choose to - as long as it's fixed for the life of the mortgage. So the £115 isn't the maximum amount they could charge. I think they've just decided that they are going to refund all past customers back to £115 and not go any further as they think £115 is reasonable.

@steg - insurance debits are for insurance premiums and aren't going to be reclaimable. Sealing fee is part of MEAF and may be reclaimable (in part) if it's increased from when you took out the mortgage. Other debits - who knows?!?

shelley24

Hi,

I just reclaimed £126 on behalf of my boyfriend. Abbey sent him a cheque but unfortunately he had his dad as guarantor on the old mortgage so it is in both their names. Does anyone know a way that he can bank the cheque without having to open a new account with his dad!

I wouldve thought they could both go into Abbey, show ID and ask them to bank it? But i might be being dull so wanted to check, lol :rolleyes:

Thanks

shelley24

Steg,

Send the letter off anyway, i was unsure if we would qualify but received £126 for two letters. I did have to chase them for a reply but got a cheque a few days later. :j

pampam

The associates mortgage company

---

Hi everyone
Does anyone have contact details for this company, "The associates mortgage company"
We paid off a mortgage with them in 1998.
I am sure we paid exit fees but I am not sure if we would be too late to claim a refund.
They were based in Huddersfield at that time.
Any help or advice appreciated.
Thanks
Pam

Lisa_BS

Just rang Halifax about reclaiming exit fees and was told striaght away that a cheque would be sent out within 28days for £100.

This was for over payment on Repayment Admin Fee which we payed £175
and it should have been £75. This is great. Thanx Martin

I asked about the deeds despach fee which we payed £50 but was told i couldn't reclaim any of this, Is this correct?

Hope you can help: : confused:

squelch123

Hi all,

Am moving mortgage company from Abbey to Halifax and phoned for redemption statement today (4/5/07) and ta daa.....the Abbey MEAF is now £95.00 (was £225.00) !!!!
Yipee!!
I asked if the reduction was due to all the 'press' lately and they said a most definate 'Yes'.

So well done and thank you to the wonderful Martin and his team. Yay...
Sarah;)

MarkyMarkD

@shelley24 - send the cheque back to Abbey with a letter signed by both of them, asking that it's redrawn in the single name of (and name one of them).

Suggestion for others - ask for the cheque to be drawn in single names when you first write to your lender, if it's a problem for you to get the cheque in joint names. But you will normally need both signatures on your original letter for this to work.

Pampam - you will have paid very small exit fees in 1998 and they won't have been increased much (or at all) over the term of your mortgage. If you haven't got the details, I would forget about it.

LisaBS - their comment about the deeds despatch fee is NOT correct as has previously been posted on this thread. It forms part of the MEAF and the whole of the MEAF you actually paid needs to be compared to the whole of the MEAF quoted when you took out the mortgage. They can't simply ignore one part of the original MEAF when doing the calculation. But it could be that the £50 you paid WAS the original despatch fee.

squelch123 - the reduction is nothing to do with the "press"; it's due to the FSA ruling on the matter.

buisnesswomen

Hi everyone newbie here. We have just changed our mortgage over from the Abbey to the Nationwide, would we have been charged a mortgage exit fee? If so would we be entitled to claim it back?