NEW Mortgage Exit Fees Discussion

MarkyMarkD

plaxman40 wrote: »

I have been trying to rack my brains to remember how many times i have changed my mortgage and with what companies over the last 20 years, i have narrowed it down to the abbey and coventry and bank of scotland but i do not have any account numbers or paperwork they have all sent back saying they can not find any details so can not proceed with it. i can not understand this as i definately had mortgages with them. Any ideas of what can i do next?:rolleyes:

There's no legal liability attaching to mortgages redeemed over 6 years ago and there's no obligation on the lenders to have kept the records - so they won't have.

The amounts on anything over 6 years old would be trivial in any case. All the big increases in MEAFs were after 2002.

freestyleskier

plaxman40 wrote: »

I have been trying to rack my brains to remember how many times i have changed my mortgage and with what companies over the last 20 years, i have narrowed it down to the abbey and coventry and bank of scotland but i do not have any account numbers or paperwork they have all sent back saying they can not find any details so can not proceed with it. i can not understand this as i definately had mortgages with them. Any ideas of what can i do next?:rolleyes:

Get a copy of your credit file(s). You can get a 30 day free trial online at http://www.creditexpert.co.uk/. This should show any recent mortgages as settled accounts. Once you have dates that these were started and settled then the respective companies should be able to locate the accounts. Remember to state the address that each mortgage would have been on if you have moved.

worto03

Hi,

when reffering to the below statement

I would draw your attention to section 2.6 which states "the lender should ensure that the MEAF represents in fact the cost of the lender's administration services. A failure to do so is also likely to be a breach of contract. You can find further guidance on administration costs in paragraphs 3.8 and 3.9 below."

£295 is what I am being asked to pay would this be consdered high for an administration cost, I remember the banking one when the actual cost was suggested to be about £6.

Also should we pay it change mortgage then look at getting it back & is there a template\example letter to use. My girlfriend used the letters from http://www.penaltycharges.co.uk/ to get her bank charges back.

Cheers,
worto.

smreynard

Has anyone been able to get a refund from Bank of Scotland (not Royal Bank of Scotland) I've been trying to get a refund for my son and after 10 weeks of correspondence they are still refusing to refund anything as they say it states on the original mortgage offer that they can vary the amount charged.

Degs45

Hi all anyone got a phone number for Bristol & West BS... Many thanks ..
degs

weimaranermerlin

Thanks to all the advice on here I am working myself up to ringing the relevant lenders we had mortgages with in the last 6 years (Natwest, Abbey National & Saffronn Walden). Unfortunately I don't have any paperwork regarding the mortgage accounts anymore so wjhat do I say on the phone? All I know is that I need to find out how much of an "administration charge" was originally agreed and then how much was actually charged in the end? Are they really going to tell me that a lower charge was gareed but a higher charged subsequently?
Please help!

Thanks a lot in advance!

Noz

smreynard wrote: »

Has anyone been able to get a refund from Bank of Scotland (not Royal Bank of Scotland) I've been trying to get a refund for my son and after 10 weeks of correspondence they are still refusing to refund anything as they say it states on the original mortgage offer that they can vary the amount charged.

smreynard, if they charged your son the amount that is stated on his mortgage offer, then no refund is owing.

Noz

weimaranermerlin wrote: »

Thanks to all the advice on here I am working myself up to ringing the relevant lenders we had mortgages with in the last 6 years (Natwest, Abbey National & Saffronn Walden). Unfortunately I don't have any paperwork regarding the mortgage accounts anymore so wjhat do I say on the phone? All I know is that I need to find out how much of an "administration charge" was originally agreed and then how much was actually charged in the end? Are they really going to tell me that a lower charge was gareed but a higher charged subsequently?
Please help!

Thanks a lot in advance!

What you're thinking is fine. Ask them to search for your details, ask how much the fee was when you started the mortgage, ask how much you were charged, and if there is a difference then arrange how to recieve the refund. Honestly, there isn't much to ask or do.

weimaranermerlin

Thanks a lot, Noz.

I just wanted to double-check since I hate the idea of sounding like a complete idiot when I don't have to.... Can someone just carify the terminology for me? I'm asking about the "original set-up fee" and then the "exit fee" ("redemption fee"?)?
I'll give it a go... tonite.....
Thanks again!

Noz

weimaranermerlin wrote: »

Thanks a lot, Noz.

I just wanted to double-check since I hate the idea of sounding like a complete idiot when I don't have to.... Can someone just carify the terminology for me? I'm asking about the "original set-up fee" and then the "exit fee" ("redemption fee"?)?
I'll give it a go... tonite.....
Thanks again!

No probs weimaranermerlin :-)

You've got it slightly wrong (probably my fault). MSE's term for the fee in question is a MEAF (Mortgage Exit Administration Fee) but it goes by several different names, 'redemption fee', 'repayment administration fee', etc...

You are asking how much you were quoted for this fee was when you agreed your mortgage at the very start, and then how much this same fee was when the mortgage was paid off (when you were actually charged it).

You are checking if it has risen over time so if you were charged more than what you were quoted, then you should recieve the difference back.

If you don't feel comfortable on the phone, then Martin has letter templates in his article if you want to just post your query instead.