NEW Mortgage Exit Fees Discussion

MarkyMarkD

Abbey and NR have paid what's due. There's no logic in pursuing anything else.

BM will pay up what's due in due course.

As a general point for others, virtually no lender is paying up the wrong amount for MEAF refunds. As long as you've had a payment, it's probably right. Pursuing lenders for any more is unfair and wrong.

frankcrox

I know application fees are not the same as exit fees but are a much larger ammount. Does it really cost £2000+ to process an application to the lender I am already using?

dunstonh

frankcrox wrote: »

I know application fees are not the same as exit fees but are a much larger ammount. Does it really cost £2000+ to process an application to the lender I am already using?

Application fees including booking costs for arranging the fixed rate. The fixed rate can often be at break even level or even loss making. The fee may be the only thing that allows them to turn a profit.

It doesnt have to be justifiable as it a retail charge. Much in the same way you may pay £10,000 for a car or £100,000.

However, fixed rate mortgages are far more expensive to arrange than variable rates as the lender has to secure the money on the money markets and that involves cost and risk.

Degs45

Degs45 wrote: »

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...

Well another letter with what we asked for £137.50 and will be sending the acceptance off today ... :j

Degs45

Degs45 wrote: »

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...

Letter delivered today with an offer for £137.50..will be sending acceptance off later on today :beer:

geoff1057

Having already received £40 from halifax for a thirty second phone call, i rang brittania as a long shot on a mortgage we had years ago, 1minute phone call, week later cheque for£100 ,easy money, cant understand why people dont just enquire ,never know what might drop through your letter box.

Slubberd

I recently "reviewed" my mortgage with Northern Rock in July. They charged all sorts of fees totalling around £400 to start another fixed term mortgage. Do these charges just apply to early redemption and changing your mortgage to another provider or is it likely I was charged this fee despite staying with the same lender?

Anyone?

dunstonh

For the hundred and eighty first time on this thread.... No. You cannot claim back valid retail charges involved in buying your mortgage

TillyD

Recently, we have sold a building plot off and the Bristol and West demanded all the money from the sale to pay back the small mortgage, eventually they agreed on half the money, which when the mortgage was taken out in 2004, the valuation report for B & W stated they had not included the land at the back. They have charged us £50.00 administration fees and also our solicitor has paid them £100, we presume also for administration. Do you think it is worth a rumble?

Slubberd

dunstonh wrote: »

For the hundred and eighty first time on this thread.... No. You cannot claim back valid retail charges involved in buying your mortgage

My intent was only to ask a civil question that was not clear to me from the articles. Has it escaped your notice that this thread is incredibly long? Although I appreciate your "no home to go to" devotion, perhaps your beside manner needs a little polishing. Possibly your tendency to exaggerate too.

Despite your curt response, I thank you for answering me.