NEW Mortgage Exit Fees Discussion

seatzie

Easy money, phoned on Monday, dropped into the conversation the current FSA stuff going on, they offered to look into it and today got an offer of £70, turns out my original paperwork said £80 by the time the mortgage tie in period ended they'd upped it to £150 therefore refunding the difference...........I'm a happy camper

also as a footnote this mortgage was the first time I'd heard of Martin it was his Sunday Express column tip for the week, take the mortgage over 3 years, 6% cashback, stick that in an isa, use it to pay part of the mortgage each month, hey presto a 2% annual discount lol

kaisstuff

hi im new but i have joined because i too agree with you,the admin fees charged to exit a mortgage is not proportionate to actual costs,northern rock charged me £195 instead of they"re contracted rate of £175 & so offered me a £20 refund,i have refused on the grounds of them overcharging on admin costs in the first place,isnt it enough they earn millions from high interest rates alone.i just hope ive done the right thing !

dunstonh

kaisstuff wrote: »

hi im new but i have joined because i too agree with you,the admin fees charged to exit a mortgage is not proportionate to actual costs,northern rock charged me £195 instead of they"re contracted rate of £175 & so offered me a £20 refund,i have refused on the grounds of them overcharging on admin costs in the first place,isnt it enough they earn millions from high interest rates alone.i just hope ive done the right thing !

admin charges do not need to be proportionate to the work load.

MarkyMarkD

TheKurgan wrote: »

Hi,

We re-mortgaged with the same lemder - Norther Rock - Last year.

We switched from a repayment to a Buy to Let as we now rent out our house.

We were charged fees for cancelling the old mortgage (cant remember what they called it off the top of my head) and we also got charged fees for setting up the new buy to let.

My question therefore is can we claim fees back if we switched mortgages with the same lender or must you have moved to a new lender to be eliageable.

Obviously the fees we want a refund on would have to qualify but all I have heard mention is IF YOU MOVED TO A NEW LENDER.

Help is greatly appreciated.:beer:

You cannot remortgage with the same lender. It's not possible!

Any fees charged on a product switch are not reclaimable in any way. You chose to switch products and thereby agreed to pay any associated fees.

MarkyMarkD

Kel wrote: »

Hi all,

I wonder if someone can help me with this.

We took out our C&G mortage in 2002 and at the time the closing administration fee was £50. We then moved in 2004 and added £15,000 as a sub-account and at the time the closing admin fee was £180. We ended our C&G mortgage in March 2007 and got charged a closing admin fee of £225.

Can anyone tell me what I can claim back, if any?

Many Thanks

Kel

I'm not sure why you can't work this out for yourself.

If you are saying that you paid £180 and £225 respectively, you should have been charged £50 and £180 respectively.

So you have been overcharged £225-£50 = £175.

Amina_2

Hi all,

Just to let you know regarding my last post about mortgage exit fees with Natwest. Natwest said i couldn't have the £140 overcharge as i had taken out extra borrowing early in 2006 and i was given new T&C's which included this. However, i recieved a letter from Natwest yesterday saying i could have the refund and to confirm the mortgage details and they would forward me a cheque!!!:T

Not sure why a turn around! i didn't do anything else.

:money:

kizzykizzywizzy

:j Hi there, just to let you know that Nationwide today sent me a cheque for £90 full exit fees charged, as when we took the morgage out they were zero. I'm so thrilled, it took just over a week using the template letter, I did phone, but they said they were answering postal queries only:mad:
So thanks for the tip Martin:beer:
P.S. Now I've got to deal with my addiction to this site AND my debt:rotfl:

Nosleep

Thanks for all the info, very usefull - do you happen to know the figures for Direct Line? I recently paid off my mortgage with them and would be interested to know the 5 and 10 years diffences in the MEAF's before i challenge them. Thanks again.

Scott

Direct Line instituted the MEAF in 2001 at £85, increasing to £99 in 2004. Hasn't budged since, and they'll refund and check this for you over the phone.

Nosleep

Thanks for your help :rotfl: :rotfl: