NEW Mortgage Exit Fees Discussion

dunstonh

!!!!!!!!!:mad: Legal and valid maybe but fair I doubt it!!

You asked the lender for the mortgage on special terms. You got a better deal than the standard variable rate. So, to expect to pull out early and create a cost to the lender (which would have to passed to other borrowers) would be extremely unfair.

If you dont like that type of tie in then you didnt have to buy a mortgage with one. It was your choice.

As MarkyMarkD says, if ERCs didnt exist then we would just have standard variable rate mortgages.

MarkyMarkD

mr_lordi wrote: »

hi, i am looking for advice on my claim. i have just recieved a letter from the bristol & west on saturday and am a little confused..... it says, after the usual start to a letter about how much work goes into exiting mortgages and their rights etc etc . that after reviewing our records i note that whilst your your mortgage was completed on 20-03-03a variation was made to your mortgage on 03-12-03 due to a home improvement loan the (mea)fee at the time of the advance was £200 this was illustrated in our leaflet ( dont remember) as a gesture of goodwill i will offer you £45 being the difference between £245 that you was charged at the time you paid the mortgage and £200 that was quoted ( dont remember ) on the further advance, do other posters think i should accept this offer and move on or look into it further... im not really sure what to do next or what to say, any advice is much appreiciated.....

Yes. They are following the FSA ruling to the letter. By taking the further advance you are deemed to have accepted the £200 MEAF.

mr_lordi

MarkyMarkD wrote: »

Yes. They are following the FSA ruling to the letter. By taking the further advance you are deemed to have accepted the £200 MEAF.

thanks for that will settle up now, £45 is better than nothing....

J_Furley

You mentioned early repyment of mortgage all bar a nominal amount to avoid fees. However, if you are selling your property, am I right in assuming that you would have to pay in full so that the lender will release the charge over your property for the next buyer?

Does the 'major repayment' amount mean if you are not intending on closing your mortgage?

Thank you for your advice.

Noz

J_Furley wrote: »

You mentioned early repyment of mortgage all bar a nominal amount to avoid fees. However, if you are selling your property, am I right in assuming that you would have to pay in full so that the lender will release the charge over your property for the next buyer?

That's correct

juliesquire

Hi,

Does anyone have experience of their bank being unwilling to pay a refund of MEAF's?

When I phoned the Barclays telephone helpline number, given on this site, a lady informed me that it didn't look like I had paid a MEAF. This was because it is always listed seperately, she told me. However, my paperwork clearly states that the fee has been included in the schedule of final repayment charges. Eventually, after a very long phone call, during which I did not get anywhere, I informed them that I would be putting my case in writing to them, with supporting documentation.

This was over a month ago and I have not heard anything. I just wondered as to what my next course of action should be? Any suggestions? I could desperately do with the extra cash!!

Thank you,
Julie

MarkyMarkD

I'm not sure what you mean, juliesquire. Have you redeemed, and did your redemption statement not explicitly state a redemption fee?

zena2105

I have asked for my meafs back they said yes on phone but needed me and my exes signatures as was joint mortgage....but since have received a letter saying they don't owe it us, BECAUSE my ex took out another service with them, Life assurance.....

can they do this??
surely it has no relevance to the MEAFS???
should I write back and demand my money stating this???

Degs45

Thank you Bristol & West for a hassle free transaction , just off to deposit the £137.50 as I type... well after I get off the pc ....

juliesquire

MarkyMarkD wrote: »

I'm not sure what you mean, juliesquire. Have you redeemed, and did your redemption statement not explicitly state a redemption fee?

Thanks for your reply. I have also read another post on here where a person says that Barclays say they haven't paid a MEAF. This is what happened to me also.
I redeemed my mortgage with Barclays in Feb 07. I have a repayment schedule they sent to me which clearly states that there is a final repayment charge of £275, which has been included in the final schedule of total amount to pay (which I paid). But they say I havn't paid this when I phoned them. Very frustrating!!