NEW Mortgage Exit Fees Discussion

Scott

Number to call is 0845 300 5295, incidentally. Option 4.

Wedge_2

I am in the process of paying of my mortgage with NatWest. They have asked for a £225 "Sealing" fee. When the mortgage was set up the fee was £85. Should I pay the £225 so that the mortgage can be cleared and then try and get it back or should I argue the point now?

Cheers

Scott

If you haven't taken any new contracts (further advances, product switches) with them since you took the mortgage, then you'll only be due to pay the £85. Just phone up and ask one of the phone staff to check for you. 0845 302 0190.

Wedge_2

Thanks Scott for the advice. Phoned NatWest and they said it was £85 and in fact that is what they told my solicitors. I will now have to check with my solicitors to see what is going on.

Cheers

Lottie's_Mum

In 2004 I took out a mortgage with Abbey. When I changed my mortgage provider in early 2006 from Abbey to another, Abbey charged me £882-32 as an Early Repayment Charge, plus £236-84 in 'Cashback Charges' as well as a Repayment Fee of £225-00. As the mortgage was moved to another provider within the two year fixed period that I was in at the time, I can see where the Early Repayment Fee of £225 comes in (although it's a bit steep!) But I can't figure out why the other two charges of £882-32 and £236-84 were made? Has anyone else come across this before, and if so, what can be reclaimed? Altogether Abbey charged me £1,344-16 for moving my mortgage to another provider!

dunstonh

I can see where the Early Repayment Fee of £225 comes in (although it's a bit steep!) But I can't figure out why the other two charges of £882-32 and £236-84 were made? Has anyone else come across this before, and if so, what can be reclaimed? Altogether Abbey charged me £1,344-16 for moving my mortgage to another provider!

The £882 is because you went with a special deal with a tie in period. By breaking the contract early, this fee existed to cover the costs for abbey. You would have benefited (probably by more than this amount) by being on this special offer. The cashback charges "sounds" as if it comes from an element of cashback that you had at the start of the mortgage. Did they pay some of your fees or give you a monetary amount up front?

Altogether Abbey charged me £1,344-16 for moving my mortgage to another provider!

Why did you move provider then?

Feline-Fan

Sorry to be thick - but is a mortgage exit fee the same as a Repayment Fee?
Only we changed our mortgage last Sept and Abbey (been with them since Dec '92), charged us this, (£225), so am not sure if I am going to try and claim back the right thng?

Julieann_2

Firstly I had a tie in period for ?? years at a fixed rate. After this there was a further time of one year +/- at the standard rate, I paid my mortgage off one month early in this last 12 months and was charged £2500. Can I now challenge this.

Kay118

Hi there, I've changed my mortgage 3 times in the past 7 years. I was origionaly with GMAC, then Mortgages Plc and now with the Abbey. I don't know how far I can go back to claim and I don't have any paperwork from my origional mortgage with GMAC. Can I do anything about this. If I ring them are they obliged to tell me the truth. Many thanks

Feline-Fan

Have taken bull by horns and phoned the Abbey - they said they would be sending me out a form in the next 3-5 days, which I then had to send back, they will then look into my old account and see if I'm due any refund! Which could take up to 4 weeks! He couldn't tell me there and then, what we had agreed on our original contract, coz it was an old account, for which he didn't have access - We left the Abbey in Sept '06, having been with them since Dec '92! He said there are 4 teams looking into this type of query!!
Is this the same as others experience? Or have I just been fobbed off?