NEW Mortgage Exit Fees Discussion

misstrious

In January of this year I went to check my mortgage with the Halifax. As I work away from home for a lot of the year I have rented my property out. I did this with the knowledge of the Halifax. I visited them a week before I was due to travel.
I had had a form from them in the past which was valid for upto 3 years (I think) anyway, in 2005 they had changed my exisiting mortagage to a step down one where I would be paying a lower interest rate every 2 years. When I went to check with them they told me that a) my "permission to rent" had run out (I was not aware of this as they had not notified me) and as they didn't have any Buy to Let mortgages my two options were to go to a different provider or change ANOTHER Halifax mortgage which incurred a £500 admin fee. I wrote to the Halifax to complain (letter available on request) but was told that that was that.
I was wondering where I stand on this as I was only given 1 mortgage option form the Halifax so had no real option but to take that and the hefty charge.

Any advise would be appreciated.

Thanks

pennybluepage

mortgage exit fee,house in nannas name but she died last year and left property in my name in will(grandson).can i reclaim the exit mortgage fee...i did pay a lot of the morgage when she was alive but i didnt tell the bradford/bing..thanks

pennybluepage

mortgage exit fee,tried to reclaim fee with national provincial/now abbey.i didnt have the account details so they wouldnt help me..what steps do i now take,also had mortgage with norwich and peterbrough..they said i was due nothing and they would send a statement...thanks

Rafter

This sounds like an early redemption charge and is different from a mortgage exit fee.

Although the office of fair trading is looking at the level of early redemption fees, their legality is not currently questioned, because you would have been made clear when you took out the mortgage.

Your best option is to probable 'move' your mortgage to your new bungalow, put the mortgage money in a savings acccount and then pay the mortgage off when your mortgage deal is up. Hopefully that way you will save the best part of £2000.

Good luck.

R.

silvercar

pennybluepage wrote: »

mortgage exit fee,house in nannas name but she died last year and left property in my name in will(grandson).can i reclaim the exit mortgage fee...i did pay a lot of the morgage when she was alive but i didnt tell the bradford/bing..thanks

The executor of the will may have a case. Your nan should only have been charged the amount stated when she took out the mortgage. Any difference should be refunded back to the estate.

silvercar

Trouble is Nationwide want just over £2000 in MRF. Is there a way we can avoid paying this amount of MRF and try and hang on to the little amount we have left. Which will be needed to sort out Bungalow and feed us till I can find a job locally.At 60 years of age and having never been off work I am very woried as to the best course of action.

I don't think you will be lucky with this one. Even if you tried to transfer the mortgage to the new home any lending would be based on the new information and with no job they are unlikely to agree to lend you the money.

Norroy

I recently redeemed my Paragon buy-to-let mortgage.

They have told me that I am not entitled to any refund as their BTL products are not regulated under FSA rules.

Is this the case ? or Should I call their bluff and pursue it ?

ExHappyTrucker

I am nearly 60 and have not worked since January, due to Heart problems. The DVLA have suspended my HGV Licence,and I need help to resolve a problem.

Having had to exist on benefit and Credit Cards to eat etc.I feel enough is enough so in an effort to clear mounting debt, and mortgage. Wife & I have decided to downsize and move. Have found Bungalow on coast but it needs TLC.

Trouble is Nationwide want just over £2000 in Mortgage Redemption Fees, as we are settling inside the 5 year limit imposed.

Seeing as though we will need every penny from the residue( c.£15,000 ) of the sale, to do the house up and live on till I find a job. Is there a ligitimate way to avoid paying Mortgage Redemption Fees ??????????????????.

Scottish_Saver

Are endowment morgages also eligible for MEAF refunds? I have left it too late to complain about mis selling so would feel better if I was able to have even a small refund of fees.
I have contacted Barclays with my details but they say that my policy number is not recognised.

Sol133

Has anyone any advice for me regarding a Scottish Widows tracker mortgage, (£45K) fixed for 2 years with this due to expire in Feb 08? This is offset with my savings (currently £14K). Problem is, I'm hoping to move abroad soon and will have to sell up, (I have an offer of £145K) but SW want £195 Redemption Fee and £900 (!) Early Repayment Charge. They say there is no way around this, surprisingly. If I overpay and leave a token sum in the account, they won't be able to remove the charge on the property for the new owners. I can't put the balance of the proceeds in the savings account instead as security cos it's not bricks and mortar even though it's three times the mortgage amount.
I WON'T pay a grand for B#**!r all. I'm from Yorkshire and it hurts. Help!