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NEW Mortgage Exit Fees Discussion

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  • Hope I'm posting this in the right section, and apologise if its been covered already.

    Can we reclaim setting up fees for mortgages. Also, what about charges for missing a mortgage payment?

    I have already managed to get £1250 repaid for charges from my RBS current account!!! Result!!
  • MarkyMarkD wrote: »
    Halifax plc, Customer Relations, PO Box 548, Leeds LS1 1WU

    thank you for this i shall pop a letter in the psot today.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    JBDunlop wrote: »
    Hope I'm posting this in the right section, and apologise if its been covered already.

    Can we reclaim setting up fees for mortgages. Also, what about charges for missing a mortgage payment?

    I have already managed to get £1250 repaid for charges from my RBS current account!!! Result!!
    It's not the right thread, and it's been covered before.

    The answers are no, and no.
  • are redemption charges only applicable if u have a special deal with the lender....i found my closing statement from a woolwich mortage which had a redemption charge of £1368....there was no mention of an exit fee...that was the only fee listed....i phoned them and they said im owed £36 which i will get in a few days which is great....but i do not recall being tied to this mortage at the time we switched....i was just wondering if u switch any mortage do u always have a redemption charge:confused: and can the woolwich tell me if i was tied to a deal or would i have to prove that myself?
  • Noz
    Noz Posts: 3,869 Forumite
    Part of the Furniture Combo Breaker
    no you are not always tied, you need to check your documentation on your last agreed mortgage deal
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You should have been very well aware of the redemption charge before you agreed to switch mortgages. You should have been sent a redemption statement (if you asked for one) and your solicitor will certainly have been sent a redemption statement.

    If the solicitor was doing his/her job properly, he/she would have checked that you understood that, by switching, you were incurring a redemption fee.
  • We took out a interest only mortgage in 2004, we were advised at the time that there was a penalty for early settlement, at the time this didn't bother us as we thought that the mortgage would run its full term. It's now probable that we will be in a position to settle our mortgage earlier but we have been advsed by the lender, Standard Life, that if we do so there will be a exit fee of £11000, on a mortgage of less than £200,000 !! They also advise that there will be a fee until 2014! We have just under 13 years left on the mortgage, is there any way that we can avoid having to pay such a high fee
  • Noz
    Noz Posts: 3,869 Forumite
    Part of the Furniture Combo Breaker
    We took out a interest only mortgage in 2004, we were advised at the time that there was a penalty for early settlement, at the time this didn't bother us as we thought that the mortgage would run its full term. It's now probable that we will be in a position to settle our mortgage earlier but we have been advsed by the lender, Standard Life, that if we do so there will be a exit fee of £11000, on a mortgage of less than £200,000 !! They also advise that there will be a fee until 2014! We have just under 13 years left on the mortgage, is there any way that we can avoid having to pay such a high fee
    What you are describing sounds like an Early Repayment Charge rather than a MEAF which this thread relates to.
    As you are sure that the fee is valid (i.e this is what yous signed up to) then the fee is prefectly valid.
  • scoobysue_4
    scoobysue_4 Posts: 79 Forumite
    hi, i posted recently when i became aware of the possibility mortgage exit fees and deed release fees were being assessed and that claiming these back might be possible. I wrote that when my husband died back in 2002 i paid off the mortgage on the property i was in at that time and a few months later i took out a new small mortgage on the property im in now. I have been searching for any paperwork relating to that 1st property with a roll number on to see if i can claim(with no success i might add) but what i have found are the papers from my solicitor relating to my husbands death and the estate etc, on a breakdown of his services it has a mortgage redemption figure of 10,840.64 which it seems i paid out to the halifax via my solicitor from the estate. I am writing to the halifax to look into whether im eligible for either early mortgage repayment/exit fees to be assessed with a view to my claiming some back but now i realise that the property had a redemption figure on it, do i also ask them to look into that also?????? are redemption fees also covered by the FSA? apologies for my confusion, but i have a headache now with trying to work it all out:o . thank you.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    How many times are you going to post this question, sue? I'm sure I've answered versions of it several times in several different threads.

    As the mortgage was redeemed via your solicitor, he should have a detailed redemption statement from the Halifax.

    Halifax should certainly have waived any early repayment penalty, but the situation on the MEAF (or its previous names) is more unclear. I think, though, that they would also refund that if pushed.

    If they charged an early repayment penalty and your solicitor didn't point out that the reason for early repayment was the death of your husband, he should have done. It may (perhaps?) be that Halifax didn't actually know.
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