NEW Mortgage Exit Fees Discussion

Noz

samuela66 wrote: »

Hi

I am leaving my mortgage at the moment with the yorkshire b/s

it says redemtion administration fee 199.00

is this what I dont have to pay???

thanks
Sam

Think you have misunderstood the situation.

A redemption administration fee does sound like a MEAF - however, you do have to pay a MEAF - but its a matter of how much.

They can only charge you the MEAF that was quoted to you when you started the mortgage, so if £199 is higher than was originally quoted then you can either request that they reduce the MEAF or ask for the difference to be refunded to you once the mortgage is paid off.

Please_help!

this may have been answered previously, but we're new to the forum so please forgive the question!

We are in the wonderful position of being able to pay off our mortgage. However, we have been told that the 'administration' fee for this will be in the region of £200.00.

What I have read in the article relating to MEAF's appears to be relevant to those who have already paid the fee. Is there anyway we can prevent this outrageous amount of money being charged to us BEFORE we pay the mortgage off?

We would really appreciate some advice on this. The mortgage lender is RBS.

Thanks

MarkyMarkD

Please help!

Firstly, it's not an outrageous fee. If it's what you agreed to pay when you took out the mortgage, they are entitled to charge it. If they've increased it since you took out the mortgage, they are NOT entitled to charge the difference, but they are still entitled to charge the originally agreed fee.

It's not worth arguing the fee during the redemption process - the redemption figures are generated automatically and the systems will just print out whatever the system is set to ask for, i.e. the current amount. Pay the £200 and then claim back the difference, if any, compared to what you signed up to pay when you took out the mortgage.

lauratrinity

Just got back £95 from Abbey National! One quick phone call they paid the money directly into my account!

matimage

Hi All,
Has anyone ever heard of or dealt with Mortgage Express?
I changed mortgage from to them Halifax 2 years ago. I was just going through my paperwork and found that the original Sealing Fee charge was £75.00. However, they charged me £175.00 redemption fee so I am now writing them a letter asking for £116.64 back.
I am taking Martins advice and presuming what they call the Sealing Fee is the MEAF (original article).
I have found another table of charges that we recived about a year in which states the Sealing Fee as £145.00. Can I still claim against the £75 fee?

However, when I was with them they were utter bilge (charged me twice but thats another story) so I am not holding out too much hope.

Mafchez

Hi

I took out a mortgage with the Abbey in Jan 2004 when their mortgage exit fee was £99. I repaid my mortgage when I moved house and was charged the following:

VDC - Variable Discount Charge - £1912.68
DHF - Deeds Handling Fee - £225.00
MBF - Mortgage Bonus Fee - £236.00

I understand the VDC was a early redemption fee but not sure of the other 2 - is the Deeds Handling Fee the Mortgage Exit Fee??
Should I claim for the difference on this charge only?

Any help much appreciated.

lauratrinity

Hi Mafchez. I'm not sure, but if you phone abbey they have a dedicated help team who wont quibble about what you are due and you will receive any payment due immediately paid striaght into your account. I think you will be sue the £95, same as me - actually it was more than this as they add interest too.

princessfayebaley

I have applied for a refund of my mortgage exit fee from the Bristol and West, and need some advice of they offer they have made me.
When I origonally took out my mortgage the MEAF was £50, two years later I took out a further advance, and when I redeemed my mortgage the MEAF was £200. Basically they only want to give me £50 back as they said when I got the further advance the fee had gone upto £150, but I wasn't informed of this. Am able to contest?

Catinthehat_3

:beer: :j :j :j :j :j :j :j :beer:

Success!!!!!!!!!!!!!

Portman Building Society

Claim - MEAF of £199 and other debit of £50

!. We applied for a MEAF refund using the MSE template posted 11/5/07 - sent registered post.

2. Received acknowledgement letter..15/5/07..stating matter being investigated.

3. Received letter and cheque today ...12/6/07!!!...for the total sum of

..............................£249!!!!!!!!!!!!!!! GOODWILL GESTURE OF COURSE!!!!!!!!

:rotfl: :T :beer: :beer: :j :j :j :money: :j :j :j :T :T :rotfl: :rotfl:

We questioned the £50 previously under ...other debits....on statement sept 2006 and was told tuff! you dont get it back.....

so Advice.............We questioned the cost of the MEAF and asked the society to justify its costs. The societys response was a nice little cheque for us! So send your template letter today!!!
Thanks Martin for giving power to the people:T

Noz

princessfayebaley wrote: »

Am able to contest?

Depends really if you accepted updated T&Cs when applying for the further advance which contained a higher MEAF