NEW Mortgage Exit Fees Discussion

scoobysue_4

MarkyMarkD wrote: »

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.

thanks for the reply, yes! it must appear that i have repeated myself about this matter,ive driven myself nuts too! i guess i shall now just sit tight and wait to see what transpires from the letter to the halifax. AND also ask a friend to hide my computer or super glue my fingers together so i cant be tempted to post again. please accept the sincere apologies of a very confused and senile not so old bird. . joking aside, i do thank you peeps for taking the time to try and help.

MarkyMarkD

Thanks, Sue. I know it's tempting to keep posting to try to get new information, but if your situation hasn't changed, either someone will reply to the original post(s) or they won't.

I think you need to get the additional information from your solicitor to clarify the situation and THEN follow up with the Halifax if necessary and appropriate.

scoobysue_4

MarkyMarkD wrote: »

Thanks, Sue. I know it's tempting to keep posting to try to get new information, but if your situation hasn't changed, either someone will reply to the original post(s) or they won't.

I think you need to get the additional information from your solicitor to clarify the situation and THEN follow up with the Halifax if necessary and appropriate.

:beer: . thanks mark, your right.

Artemis

Notice that Martin quotes Abbey as having an £85 fee - I have a tariff of charges from 2001 which shows 2 different charges were in force at that time "Deeds handling" and/or a £65 "Discharge" fee. Abbey have used the highest charge to refund me against the £99 I paid them in 2004, giving me a £14 refund as opposed to £34. Are they right do you think?

Park_Ranger_2

Sorry if this has been asked before.
I took out a mortgage with Bank Of Ireland Mortgages back in 1992 and the MEAF quoted in the deed was £90. On repayment in 2004 I was charged £145, so on the face of it I should have a claim for £55. However my bank have just replied to my letter and refused to pay anything. Their argument is that over the years I've changed mortgage products and each time signed a variation to the mortgage deed, and that any claim relates to the situation when the last one was signed not the initial mortgage deed. The last variation was in 2002 and at that time the MEAF was £145.
I haven't got copies of the variations to hand but, if my memory serves me correctly they were one page documents that contained not a lot more than details of the t&c's that applied to the new product and most certainly did not specify an increase in the MEAF. Apparently the practice of basing any refund on the fee in force at the last variation has been agreed with the FSA.
Has anyone come across this before?

segi

My husband died a few weeks ago, and I am trying to sort out his finances since we do not have much to sort out, the biggest loan is our mortgage. I read that the first debt to pay off is the morgage, and bank debts. I have spoken to my mortgage lender, and I was told that there would be a redemption fee of 5% on top of the balance, which means I could be paying about £5000.00

Can anyone advice me on the best way to settle the bill without having to pay out this much in redemption fee, I am trying to maximise the money.

Also, is it illegal to pay the funeral cost first as this is what I would like to do.

Please adivice. Thanks

Segi

worknplay

to anyone who never gets round to phoning up about meaf's.......do so !
last night i got the number for nat west off the chart. at 9.30 this morning i was £125 better off....not a quibble.

Pandora123_2

We have a mortgage with Mortgage Trust (formerly Britannic Money) which was taken out in 2001 as an interest-only mortgage and changed to a repayment mortgage in Nov 2004. Since we want to switch to another mortgage lender, we asked what the current MEAFs were and were told:
£150 Redemption Sealing Fee
$88.13 Deeds Release Fee

We wrote a letter (based on Martin's template) to complain and ask for the original fees of £75/£35 to be honoured, but they refused, saying:
"When fees are reviewed, updated fee tariffs are issued to all customers to inform of the change. The statement made by the FSA relates only to loans that are regulated by the FSA. Unfortunately, your loan does not come under the jurisdiction of the FSA and, therefore, the company is under no obligation to refund any fees."
:mad:
We have nothing in our files that indicate they sent us any such notice of the huge increase in fees.

Can anyone tell me WHY our loan does not come under FSA regulation?

Any suggested next course of action? We thought of writing to ask for a copy of the revised fee tariff letter, also writing to the financial ombudsman to complain.

Any other ideas?

freestyleskier

Pandora123 wrote: »

We have a mortgage with Mortgage Trust (formerly Britannic Money) which was taken out in 2001 as an interest-only mortgage and changed to a repayment mortgage in Nov 2004. Since we want to switch to another mortgage lender, we asked what the current MEAFs were and were told:
£150 Redemption Sealing Fee
$88.13 Deeds Release Fee

We wrote a letter (based on Martin's template) to complain and ask for the original fees of £75/£35 to be honoured, but they refused, saying:
"When fees are reviewed, updated fee tariffs are issued to all customers to inform of the change. The statement made by the FSA relates only to loans that are regulated by the FSA. Unfortunately, your loan does not come under the jurisdiction of the FSA and, therefore, the company is under no obligation to refund any fees."
:mad:
We have nothing in our files that indicate they sent us any such notice of the huge increase in fees.

Can anyone tell me WHY our loan does not come under FSA regulation?

Any suggested next course of action? We thought of writing to ask for a copy of the revised fee tariff letter, also writing to the financial ombudsman to complain.

Any other ideas?

If it was my mortgage, I would write a letter along the lines of:

Dear ____,

I write in response to your letter dated _____. You state that the FSA's Statement of Good Practice on MEAFs dated 26 January 2007 does not apply to (my/our) loan as this began during 2001. I would however draw your attention to section 1.6 of the FSA's statement which explicity states "the scope of the Statement is not limited to contracts entered into since we began regulating mortgage lenders". By refusing to consider this matter in light of the Statement you are in breach of the FSA's regulations, and failing to Treat Customers Fairly. Due to your failure to treat my previous complaint fairly I withdraw my offer to settle for a lower fee, effective immediately.

I would also draw your attention to section 2.6 of the Statement which states "the lender should ensure that the MEAF represents in fact the cost of the lender's administration services". It is inconceivable that your quoted fees reflect a true pre-estimate of your costs and I therefore demand that you either provide evidence of this, or withdraw the fees in full. Failing this, I shall refer my complaint to the Financial Ombudsman Service and highlight your regulatory breaches.

I trust that this matter will receive your urgent attention and look forward to your final response.

Yours faithfully/sincerely,
_____

You should check my spelling and grammer cos I just wrote that in about 10 mins. It is not a template from anywhere and doesn't guarantee any success. Decide for yourself if this is what you want to say. For your info, the FSA Statement is available at http://www.fsa.gov.uk/pubs/other/meaf_goodpractice.pdf so you can check the quotes. Hope this post helps other people too (but you'll have to write your own letters).

I am a mortgage adviser but the above does not constitute financial or legal advice, because I don't know your situation well enough. You should check out everything stated for yourself. Please send a Personal Message to me if this post helps you, or if you have queries with it. I try to followup on here but have to prioritise helping my clients that I am giving advice to.

Best of luck,
freestyleskier

kj*daisy

Does anyone happen to know what the Exit Fees for Northern Rock in May 2000 were?
We left them in 2002 and paid £160 but I cannot find any mention of the fee on the paperwork I have from when the mortgage was set up in 2000. The Mortgage advance notice simply says that we should refer to the 1997 mortgage T&C's but I don't seem to have a copy of those with the paperwork.

Will they pay up if owed but I don't actually know what I agreed to pay? I get the impression they will but just thought I'd ask in case anyone had this info at their fingertips! Many thanks.


Edited to add "ignore me!" Having looked again and thought about things - if we are on 1997 Mortgage T&C's then it should be the £75 referred to in the table in the Article. Writing my letter later.