NEW Mortgage Exit Fees Discussion

Viking_Karen

Hi All,

I've tried a search, but can't find the answer to this... can anyone give me an idea of the discharge fees that the Cheshire BS were stating 3 years ago? I can't find my original offer letter, but I have the redemption statement which shows we paid £150 (which I am sure is OTT).
The Cheshire don't appear on the lists on the links that have been posted.

Ta!

VK

Noz

Viking_Karen wrote: »

Hi All,

I've tried a search, but can't find the answer to this... can anyone give me an idea of the discharge fees that the Cheshire BS were stating 3 years ago? I can't find my original offer letter, but I have the redemption statement which shows we paid £150 (which I am sure is OTT).
The Cheshire don't appear on the lists on the links that have been posted.

Ta!

VK

VK, probably the quickest way is to ring the Cheshire BS and ask.

MarkyMarkD

But £150 doesn't seem OTT for 3 years ago in any case.

jewels49_2

I am new here and WOW!! I'm confused, not sure where to look or even what I was charged when I changed my mortgage from Future Mortgages 2 years ago, has anyone switched from Future Mortgages recently or has anyone successfully gained a refunds from them??

BigNige

Hi

Apologies if this question has been asked a million times but i am new to this site.

I am with Northern Rock and took out a redemption-free mortgage with them in 2003. I switched products but remained with Northern Rock. They charged me an arrangement fee of £695, which was excessive but I accept was the cost required to change over the mortgage to a new product.

However they also charged me a "Mortgage Review Fee" of £300 for the pleasure of doing this. I find this grossly unfair, as I was already charged £695 for arranging the new product. I don't see why I should be charged an extra £300 as well

Am I able to claim the "Mortgage Review Fee" back as this could be a very sneaky way of changing the name "Mortgage Exit Fee" in order to avoid this whole refund scenario.

Has anyone else come across this and what would you advise?

Many thanks

Noz

BigNige wrote: »

Hi

Apologies if this question has been asked a million times but i am new to this site.

I am with Northern Rock and took out a redemption-free mortgage with them in 2003. I switched products but remained with Northern Rock. They charged me an arrangement fee of £695, which was excessive but I accept was the cost required to change over the mortgage to a new product.

However they also charged me a "Mortgage Review Fee" of £300 for the pleasure of doing this. I find this grossly unfair, as I was already charged £695 for arranging the new product. I don't see why I should be charged an extra £300 as well

Am I able to claim the "Mortgage Review Fee" back as this could be a very sneaky way of changing the name "Mortgage Exit Fee" in order to avoid this whole refund scenario.

Has anyone else come across this and what would you advise?

Many thanks

Big Nigi, essentially is comes down to if you would have been charged this £300 if you had left NR. MEAFs are essentially the fees you pay when you pay off the mortgage or switch it to another lender, they come under many different names.

If you are charged for a mortgage review, then this could be seen as a service charge - one that you agreed to in order to secure a further NR mortgage product, if this is the case then I can't see any refund. You asked for a service and this was the cost essentially.

Noz

jewels49 wrote: »

I am new here and WOW!! I'm confused, not sure where to look or even what I was charged when I changed my mortgage from Future Mortgages 2 years ago, has anyone switched from Future Mortgages recently or has anyone successfully gained a refunds from them??

The quickest way would probably be to ring Furture Mortgages for the details.

MarkyMarkD

Noz wrote: »

Big Nigi, essentially is comes down to if you would have been charged this £300 if you had left NR. MEAFs are essentially the fees you pay when you pay off the mortgage or switch it to another lender, they come under many different names.

If you are charged for a mortgage review, then this could be seen as a service charge - one that you agreed to in order to secure a further NR mortgage product, if this is the case then I can't see any refund. You asked for a service and this was the cost essentially.

And you claim, BigNige, that the product fee of £695 and the mortgage review fee of £300 were excessive, but you still paid them.

You had a free choice to redeem your mortgage, remortgage elsewhere, or pay those fees and switch products (but stay with NR).

Fees are not unlawful when you had every opportunity to choose whether to pay them or not.

jammin69

I called Halifax and they are snding me a cheque for £100.00. I originally took my mortgage out in 2003 and left in 2006.
I had all my old documnts as well which helped agreat deal/

BigNige

I wasn't to know about MEAF fee issue that this thread is discussing when I took out the new product.

Had I have known, I would have questioned them at the time.

I think that they have coined the phrase "Mortgage Review Fee" to avoid calling an Exit Fee.

There is no justification for a "review" fee of £300, when they charged me £695 to move mortgage from one product to another.