NEW Mortgage Exit Fees Discussion

Degs45

Just received a reply to my demand to have an MEAF repaid to us , they have offered £57.50. They stated that when we took the mortgage out in 1994 the meaf was £50 ,then in march 1999 we applied for a rate transfer the meaf was £137.50 then and when we closed the account it was upped to £195.00. So as a goodwill gesture they are offering the £57.50 diference between the two
Were do we go from here send a decline or give them a ring and negotiate to the amount we were charged or is this right ?

Scott

Degs45, they're offering the appropriate level of refund in that case, since you agreed to a higher level MEAF when you took your new rate.

BusyDee

Hi all

I have been successful in claiming back £75 from the MBS.

Their letter states:-

The Society had maintained very low fees for many years until October 2005. During August 2005 all borrowers were advised of revised fees that would take effect from October, being given the required minimum of 30 days’ notice of any changes, following a re-evaluation of the actual cost of the administration and legal work involved in the final redemption of a mortgage. The charge we were making, £50.00, proved to be well below the actual cost of the work involved; hence the increase to £150.00 which nearly covers the costs involved.

Since this subject is very topical at the moment for all lenders we have reviewed the work involved and costs to ensure our level of fees is fair and we have decided to leave our current fee at £150.00, but to charge borrowers the fee which was applicable when the mortgage was taken out.

At the time your mortgage commenced in 1975 no redemption administration fee was charged. As a result of our review this means that you are entitled to a refund of £75.00, in full and final settlement of your enquiry. Please note that it is not the Society’s practice to pay interest on this amount.



I am well pleased with the £75 but could not work out how they arrived at this figure but I have now found the Redemption Statement and I can see two charges.

Deeds and Loan Fee £25
Redemption Fee £50

I don’t know if it will help anyone else but thought I would post anyway.

Good luck to all those about to claim and many, many thanks to Martin.
:kiss:

Degs45

Scott wrote: »

Degs45, they're offering the appropriate level of refund in that case, since you agreed to a higher level MEAF when you took your new rate.

We asked to change from a variable to fixed cant see what difference it would make to it .
Will give them a ring to discuss it any way .. .Just off the phone and they are reconsidering and will get back to me . I asked for the £137.50...

lilgreenmomo

mrs_bunny wrote: »

can any MSE help??? Have been offered £44 from Abbey for mortgage which ran from July 93 to Dec 05. They state the exit fee would have been £99, although it says on several sites that Abbey put fee up from £99 to £225 in May 2005. Are they trying to diddle me or what ?? ps have no paperwork to check amount - are they really always honest in the amount they tell you you paid??

Might be worth accepting. I say this only because we have just this month settled a mortgage with the Abbey. The mortgage exit fee was £99, when I run them to try & claim that back the !!!!!! on the other end of the phone said 'Oh, you've only been charged £99, we should have charged you £225, but obviously we won't charge you any more.'

'Oh that's good of you' said I. They were very reluctant to send me a complete breakdown of what said £99 covered. I don't think that I will get much joy with them.

Wig

Back in 1996 we took out a mortgage with DirectLine we completed around 2002 - 2003 aropund 2000 - 2001 they sent us a letter saying the deeds release fee was increasing from £0 to £80.

On completion we were charged £80.

Can I claim that back? Is it just a matter of phoning them up?

richie2

My lender from 3 years ago has declined a refund, saying that it is commercial, and the fsa guidelines dont apply.
I still think the law of contract applies, thoughts anyone?

Scott

Wig, yes, just phone DL and ask if there is anything due back. 0845 300 5295, option 4.

We asked to change from a variable to fixed cant see what difference it would make to it .
Will give them a ring to discuss it any way .. .Just off the phone and they are reconsidering and will get back to me . I asked for the £137.50...

The difference is you would have signed a new contract with the higher amount. If you get the full amount, congratulations, but you're not due the full amount.

MarkyMarkD

Richie

The contract legally gives them the right to increase the MEAF.

The FSA's ruling isn't a change in the law, it's a ruling for FSA regulated mortgages which doesn't include BTL.

aliacky

Hi,

I am trying to claim my mortgage exit fees back i have had 3 different lenders in the past 6 years, northern rock,birmingham midshire and abbey, I have wrote to all 3 of them,

northern rock,reply...the DOM fee was £160 at the time your recent mortgage contract began. As a result, i have arranged to refund the difference between the amount charged (£175) and the fee that applied at the start of this mortgage (£160), So I can send you a cheque for £15 And close the matter.

Abbey,reply Please find a cheque for £126, Being the difference between the amount that you were charged on redemption of £225 and the mortgage repayment fee stated in your mortgage contract.

birmingham midshire, are dealing with the matter still.


Can you tell me if i should close these matters with northern rock and abbey or say that i am not happy with what they are offing for my exit fees.