NEW Mortgage Exit Fees Discussion

Noz

Scottish_Saver wrote: »

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.

Endowment mortgages are just a specific way that you conduct a mortgage, they are covered by the FSA ruling

Noz

Sol133 wrote: »

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!

Sol133, you don't have much room for manoeuvre.

Dealing firstly with the ERC - this is a legal fee to charge as you agreed to the fixed rate mortgage which carried this fee. These fees are not reclaimable. If you were moving within the county, you might have been able to 'port' your mortgage to the new property and no ERC would be payable, alas this option doesn't look open to you.

The redemption fee (or MEAF which this thread is dedicated to) may partially be reclaimable depending on if the fee has risen over time.

In short if your main concern is too keep costs to a minimum, then there no real other option but to wait for the early redemption fee to expire.

Noz

validata wrote: »

Apparently a lot of lenders have set aside billions of pounds to re-pay us for overcharges.

How do we get our money back?

http://www.moneysavingexpert.com/reclaim/

smreynard

My son sent a template letter to Bank of Scotland at the end of May and still hasn't heard anything, how long is this supposed to take?

TinaH_3

Many thanks for the advice - I discovered that Halifax had increased their 'admin fee' three times in one year... and charged me the higher fee of £175 on selling (two years ago!). My original contract had quoted £100. A quick call to their dedicated line resulted in the difference appearing in my account the following day!

Noz

smreynard wrote: »

My son sent a template letter to Bank of Scotland at the end of May and still hasn't heard anything, how long is this supposed to take?

No more than 2-3 weeks really. Ask your son to send another letter (checking where he sends it to) or to ring BoS.

lesley32_2

Could Anyone Tel Me If Any Of The Following Could Be A (meaf), I Would Be Most Grateful. I Have Been In Touch With Alliance & Leicester Today Who Gave Me This Information On The Charges I Paid To Exit My Mortgage Early.

1) Redemption Admin Fee
2) Early Repayment Charge

Thank You

Noz

lesley32 wrote: »

Could Anyone Tel Me If Any Of The Following Could Be A (meaf), I Would Be Most Grateful. I Have Been In Touch With Alliance & Leicester Today Who Gave Me This Information On The Charges I Paid To Exit My Mortgage Early.

1) Redemption Admin Fee
2) Early Repayment Charge

Thank You

Redemption Admin Fee is a MEAF as outlined in Marint's Article: http://www.moneysavingexpert.com/reclaim/mortgage-fees

lesley32_2

lesley32 wrote: »

Could Anyone Tel Me If Any Of The Following Could Be A (meaf), I Would Be Most Grateful. I Have Been In Touch With Alliance & Leicester Today Who Gave Me This Information On The Charges I Paid To Exit My Mortgage Early.

1) Redemption Admin Fee
2) Early Repayment Charge

Thank You

thanks very much noz.

johnbelfast2007

Help!! I took a mortgage out with Birmingha and Midshires in March this year, It was discounted for two years. I am hoping to sell the property and clear the mortgage due to the recent rate rises. It is going to cost me over £7,500 in early repayment penalties. Surely this is disproportionate to the amount I borrowed. I borrowed £150,000 . Is there anyway I can get this reduced? No point saying that i should keep it for the two years as this is not an option. Appreciate any advice on this matter.
John