NEW Mortgage Exit Fees Discussion

Avoid_Blemain

I know a great deal about this company. Suffice to say, I personally would never have any further dealings with them (after working there and seeing how they operate). If you are in such a position that you are considering using them, I would suggest first contacting the CCCS (consumer credit counseling service) or Citizens Advice. Also I would point out that just because someone is a qualified mortgage adviser (I am) it doesn't mean they are that good. The exams to become qualified are really very easy and a lot of them are just out there to get a quick buck. Having said that, there are still some decent ones out there (not me - I left the trade despite becoming fully qualified because I felt it was corrupt). Be careful.

Wig

Scott wrote: »

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

I asked in post #772 if my Direct Line deeds release fee was repayable. I thought it was £80, when I finally decided to call them (2 days ago) I saw my statement said £85.

The lady on the phone refused to confirm if it would be returned - said it would be passed on to be investigated, also she said it only applies to something after 2001 - I think she was saying about the 6 year rule, so she was mentioning completions after September 2001 probably.

Today I have my letter from Direct Line

"We are sorry you are dissappointed with the level of Mortgage exit fee you were charged when you redeemed your mortgage........." ROFL

I have my £85 back. Thanks Scott. Sorry if this should have been posted on the MEF successes & failures thread which I only just noticed. so many sticky threads on this subject.

Wig

tiggsy wrote: »

I phoned the Halifax today regarding a mortgage I had from 1988-2003. I had the mortgage roll number, but they said they had no trace of it. They tried telling me refunds were not for that far back. Is this correct? I thought it would be the date in 2003 that I re-mortgaged that they would go by.

AFAIK The ruling only applies to mortgages taken out AFTER some kind of consumer credit act of parliament and this act came into force in Late 1995. So your mortgage started before 1995 so it would not apply to your mortgage, assuming Halifax could find it.

cann_2

Looked on your list of building societies for contact numbers for Mortgage Exit fees trying to find relevant details for Nottingham Building Society, but it isn't listed.

pinkgoldfish

Hi,

I had a mortgage with HMC (who were taken over by First National).My mortgage started in 2000 and was redeemed 2003.I wrote to First National now GE Money & asked them to justify the £125.00 MEAF that I was charged (£75 Admin Fee & £50 Deeds Supply Fee).

They wrote back to me & advised that all fees applied to my account were done so fairly and lawfully and that I would not receive a refund. They also referred me to their current General Mortgage Conditions that referred to Admin Charges upon redemption.

I then wrote back to them and advised that their current General Mortgage Conditions were irrelevant, as my original mortgage was taken out with HMC. I therefore asked them to provide me with a copy of the original contract that I signed with HMC which confirmed the MEAFs that I would be charged upon redemption.

GE Money/First National then wrote back & advised that they are unable to obtain a copy of the original terms and conditions of my mortgage but again the fees were applied fairly and lawfully and I would not receive a refund.

I have a copy of the First National Guide to Fees leaflet which is dated April 2002 and confirms the amount of the fees that I paid upon redemption of my mortgage, but I am pretty sure that these fees were not in the original terms and conditions of my mortgage, when I initially took the mortgage out in 2000.

I cannot see how GE Money/First National can continue to attempt to justify the fees charged, when they cannot even supply me with a copy of the original terms and conditions of my mortgage.

Does anyone have any advice upon how I should now proceed?

Many Thanks!

tsomo2000

Hi All

I took out a mortgage with the Alliance and Leicester in August 2005, we have now remortgaged to C&G, and were charged a £295 mortgage exit fee.

I have written to A&L to request the majority of the £295 back as it is an unfair and unjustified costly amount to charge a customer when they choose to move mortgages.

I recieved a letter this morning stating that as the exit fee of £295 was written in to my mortgage offer (that i signed) 'they were pleased to advise' that they wouldnt refund me anything.

I am going to write back to them to ask them to break down and justify how they can charge £295. But apart from that what else can i do?

Any tips?

Thanks

Tsomo2000

The_Big_Yin_4

I have recently come out of my mrtgage with A&L which we took out 4 or 5 years ago Im sure the fee has increased as we where charged £295 to come out of it Is it worth a go ? Will i get the full fee or just part as im sure the exiut fee wasonly £95 when i took out the mortgage

stevokenevo

Cheap and cheerful is fine, if that all you can afford, but i take offence at the generalisation that all scotsmen are tight with money and since when were we all part of the same religion??

campervanchick

Guys,

I wrote to Abbey the week before last, and asked for the difference back between the redemption fee quoted on my offer and that charged (I was charged £225).

I was peeved to receive a letter from them today asking me to fill in one of their forms and return it. Well the form didn't ask for anything they didn't already know from the contents of my letter and I knew that as I only redeemed my mortgage with them in 2006 that I would still be on their system.

I rang up, went through security (so yes I was still on the system) and I made my point. The young man went off to the dept dealing with it and said that the FSA said they had to do it on these specific forms. This was in response to me saying I was going to the FSA to report them for wasting customer time and money as well as their own resources.

So Martin, is this true?

Abbey could have transposed all the info from my letter and details on the system to the form and attached a copy of my letter as my signature instead of sending me a letter and a form.

I appreciate that not all customers will still be on the system and not all correspondents will have put full details on their letters but I did and I don't think i should have to wait longer while they send futile forms out.

I used to work for the Abbey (now work for HBOS) and I can't believe that Abbey are making so much extra work for themselves and their customers.

I'm returning the form but I'll be checking about the FSA. The guy even told me how much I can have but oh no you've got to fill the form in.

Sorry for the rant.:mad: It's not worth it I know when I am going to get the money back but if you can just ring the Halifax and get your money back why does Abbey make it such a bloody nuisance?

UPDATE - been on phone to FSA who asked me to get Abbey to quote the index of the FSA rule they were quoting. I rang them and of course they ran around and sorted it out for me. Yes they will flag it up etc etc etc but you know, if I hadn't worked in Abbey and HBOS, I would have just filled the form in and sent it back without questioning them and that's what cheeses me off. That and the fact the phone calls probably cost more than the stamp would have done!!!

dunstonh

Abbey have had a few kicks from the FSA in recent times and it could be that the forms are a defined process that they require to satisfy the FSA. Firms which have not been as compliant as they should be often have special requirements thrust upon them. If one of these was accuracy of complaint data then using the form would be a sensible action plan to impose upon them. Its certainly costing them more in time and money to do it this way so it isnt something you would think they would want to do. Although there is also the possiblity they are being awkward.