NEW Mortgage Exit Fees Discussion

dunstonh

MEAFs didn't increase much between 1997 and 2001 for any lender, so any amount you can reclaim is going to be small.

Also, the lender is entitled to increase them. However, the rate of increase has to be reasonable. So, a small increase would likely be classed as reasonable and rejected. I seem to recall that 2003 was the year the increases started to jump beyond what was reasonable.

MSE_Jenny

Hi folks

GMTV is doing a special show on reclaiming mortgage exit fees and would like a couple to come onto the sofa who’ve done it successfully. They will be needed for tomorrow morning's show.

If you’d like to inspire others to get their cash back too please PM me with your name, how much you got back and a contact number.

Thanks

freestyleskier

Noz wrote: »

Buy-to-let mortgages aren't regulated by the FSA so you can ask your lender but there's no promises.

Although BTL mortgages are not regulated, they are still subject to the law. And even though the mortgage itself may not be regulated, the lender almost certainly will be.

You can reclaim the MEAF provided that the mortgage was taken out by you as a person and not through a business. The lender may be more resistant and make claims that the FSA's January statement doesn't apply; however this statement was merely clarifying the FSA's interpretation of some aspects of law and the law does apply. I'm not certain as to whether you could take your complaint to the FOS (ask them) but you would be able to persue the case in court if the lender doesn't play ball.

autumnsymphony

Hi
Could anyone help me with reclaiming exit fees from the Principality?
I took my mortgage with them in April 1997 and left to remortgage in March 2005. When I rang them to ask for details of the exit fee I was told that "any mortgages taken out since 1995 would be liable to come under their rules which allow them to fluctuate what they charge" - according to the guy I spoke to the Department which regulates them has said this is fine.

Is this right or should I push for a form of refund?
thanks
Autumn

clare1076

We changed mortgages from Birmingham Midshires to Northern Rock in 2002 i think but i can't find all the old mortgage paperwork. How do i go about finding out if they owe us anything, do i just give them a call and ask or will they need account number etc..?

dunstonh

Is this right or should I push for a form of refund?

They are allowed to change it. However, it is whether the increase is reasonable or not. If it was £100 in 1997 and £125 in 2005 for example, that is reasonable. If it was £100 in 1997 and £300 in 2005, that would be unreasonable and you could attempt to claim the difference.

mrslbnd

I paid of my mortgage from the Yorkshire Building Society in full, 9 years ago. I do remember being charged an early redemption fee. However, how much it was, and any other account details have been filed somewhere safe( ie don't know, can't remember!)
Is it worth pursuing?

Thanks

dunstonh

mrslbnd wrote: »

I paid of my mortgage from the Yorkshire Building Society in full, 9 years ago. I do remember being charged an early redemption fee. However, how much it was, and any other account details have been filed somewhere safe( ie don't know, can't remember!)
Is it worth pursuing?

Thanks

Early redemption fees are totally valid and cannot be reclaimed. That is part of the product pricing agreed at the outset and isnt changed.

Redemption charges only started to increase beyond reasonable from around 2003 onwards. Anything before 2003 and you may as well not bother as it will be a waste of time.

mrslbnd

OK, thanks for that info. I will stop wondering now.

nevillet_2

Hi All ,
I have used your template letters for a full refund of fees on 23rd July 2007 , this is how I got on .:
Halifax PLC -Still awaiting a response

Abbey PLC - Have sent form to fill in

C&G -Have agreed a refund of £47.32

Royal bank of Scotlend - Have replied and quoted that their fees were in line with other banks charges and would not therefore be considering a refund of MEAF fees.
They have enclosed a form and leaflet for the ombudsman ,but I would like to know the experts opinion on what to do next about the RBS.
Many thanks for any replies