NEW Mortgage Exit Fees Discussion

Sugarplumfairy_2

OMG my exit fees are £ 999.85 !!!! have I been stung big time or what ! Or am I possibly reading the wrong bit ?

Noz

Sugarplumfairy wrote: »

OMG my exit fees are £ 999.85 !!!! have I been stung big time or what ! Or am I possibly reading the wrong bit ?

MEAFs are usually no more than £250, possibly a Early Repayment Charge?

MarkyMarkD

segi wrote: »

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

There's no legal obligation to settle the mortgage first. Indeed, if it's a joint mortgage, there's no legal requirement to pay it off at all at this stage. It might make a lot more sense to keep making payments until the penalty expires.

But equally well, most lenders will waive redemption penalties if redemption is due to the death of a borrower. You should try asking them again.

gillianmccallum

I need help?

Last year I had to pay over about £5k in mortage fees. I asked for a redemption statement which is very difficult to understand. I sent them a letter and they have agreed to repay me £90, I ignored them as I was unsure of my position, however they keep sending me letters asking me to accept their final settlement ( this makes me suspicious, why are they so keen to settle, do you think I might be entitled to more??)

Northern Rock's letter to me states that the fees charged represent a core term of my contract, plus a number of administrative activitices for discharging the mortgage. I don't understand how they can charge me so much?

PLEASE HELP, at the time I had no option but to give them they money in case it interferred with the next mortage I took out

Artemis

It's a long shot, I know, but does anyone know what the Portsmouth Building Society's exit charges were in 1988? They were taken over by C&G in the early 1990s. To briefly explain I have claimed through C&G, was told verbally over the phone that Portsmouth had no MEAF charge, but now they are withholding an amount which they claim is on the mortgage documents we originally signed.

Noz

gillianmccallum wrote: »

I need help?

Last year I had to pay over about £5k in mortage fees. I asked for a redemption statement which is very difficult to understand. I sent them a letter and they have agreed to repay me £90, I ignored them as I was unsure of my position, however they keep sending me letters asking me to accept their final settlement ( this makes me suspicious, why are they so keen to settle, do you think I might be entitled to more??)

Northern Rock's letter to me states that the fees charged represent a core term of my contract, plus a number of administrative activitices for discharging the mortgage. I don't understand how they can charge me so much?

PLEASE HELP, at the time I had no option but to give them they money in case it interferred with the next mortage I took out

Well early repayment charges are perfectly legal and fair and can't be reclaimed. Do you have a break down of what the 5k was made up of?

Noz

Lenders are able to tell you if your entitled by searching your records - I quick phone call should be enough to see if your entitledto anything.

MSE_Jenny

As part of an ITV Tonight with Trevor programme, Martin is going to spend a day helping people reclaim their mortgage exit fees.

We’d love some MoneySavers to come along, so if you can get to:

Pimlico, London
Between 2pm to 6pm
Thurs 5 July

Please PM me with your name and telephone number

Thanks

PINKEY_2

Hi just phoned Kensington morgages about vacating fee and was on hold for 30mins and eventually told that K M are not returing any vacating fees but they would send me there standard letter out any one else having probs with them or results? thanks

madcow2006

Just phoned up the Woolwich/Barclays reclaim phone no. posted by Martin gave the mortgage account no., name & address & within seconds the assistant told me I was overcharged by £180 + £7.37 interest & how would I like it to be paid. A 2 minute free phone call from start to finish!

Thanks to MSE I'm £187.37 better off
Cheers Madcow :beer:

Just a quick update - 24 hours later the £187 was sitting in my bank account !