NEW Mortgage Exit Fees Discussion

Lottie's_Mum

dunstonh wrote: »

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?



Why did you move provider then?

There was no cashback when I took out the mortgage, nor at any other time. They didn't pay my fees or give any amount up front either. I moved provider because I remortgaged for an increased amount to pay for an extension on the house, and I got a better deal elsewhere. Is anything refundable?

MarkyMarkD

I agree with much of Dunston's reply to you, Lottie's Mum.

You had your original mortgage for less than 2 years. You were probably tied in for at least 2 years.

Dunston's question is very valid. If you WERE only tied in for 2 years, you left only a few months earlier than you could have done to avoid the £1,344 in charges. So you should have simply borrowed the extra money from Abbey, or waited until you remortgaged (after the ERC expired) before borrowing the extra money.

If you were tied in for FIVE years, then it might have been cost effective to have remortgaged.

But either way you should have realised you were going to be tied in before you bought that mortgage.

deanos

Can anybody advise with C+G, i have just remortgaged to Britannia and they charged £90, i was quoted over £200 when i last had a settlerment figure about a year ago so it has dropped to what was in the contract when i took out the mortgage , but are C+G giving a full refund now, so i could get my £90 back ?

MarkyMarkD

No, they are not charging a fee on new contracts. Existing mortgages aren't affected.

dk67

hi , i have just moved from RBS after being in a 2 year fixed rate mortgage.

i have checked the paperwork but cant see any details of a MEAF - is this sometimes called something else?

do all mortgages have this fee? after my remortgage was delayed I had to pay double my fixed rate for 4 months after RBS put me on their high rate. any cash back would be a huge boost!

Thankyou in advance

Scott

The RBS call it a sealing fee, it would be in your documentation if you took your fixed rate 2 years ago.

humfer

Has anyone had any experience with Abbey National? I started a mortgage with them October 2000 and moved to A&L in November 2003 paying a £99 'deeds management fee'. I will call the number listed on Martin's help guide later today but just wondered if anyone knew what the fee was in 2000 in the meantime?

dude3742

I asked for a refund from Abbey after paying £225 last year, I have received a cheque which is great but i expected £175 and only got £126 is this right, as it means ive payed £99 and not £50.

tarar

3 years ago i took out a 5 year fixed mortgage with the C&G. The exit fee was £225. I moved house and ported the mortgage. I was charged £225. In May 2007, I ported the mortgaged again. This is becuase I remortgaged from joint names to my sole name. This time I was not charged the exit fee becuase I hadn't actually moved house. Surely, the work involved is the same ? I question that I should not have been charged the original £225 as I remortgaged with the same lender and ported the mortge on the same terms. A, I right? Can I reclaim? Warm regards, Tara

dk67

Thanks Scott,good advice ...but ...

i have checked my mortgage offer from 2 years ago - but can see no reference to a sealing fee just an 'additional charge' of £225 - could this be the MEAF?

also with the solicitors we used to arrange the recent remortgage, their letter states all charges for expedited completion and fixed fee rates included in their costs.

would this be the MEAF?