NEW Mortgage Exit Fees Discussion

MarkyMarkD

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.

AS I've previously posted, Halifax are just fobbing you off. Wig's reply is incorrect - the start date is completely irrelevant. What matters is the redemption date. If that's in the last 6 years, they should pay up if there is any amount due. But assuming that you have switched mortgage products over your 15 years with Halifax, especially recently, or taken a further advance, it may well be that nothing is due.

MarkyMarkD

@pinkgoldfish - the amount of the fees was rarely included in the terms and conditions of mortgages. The Ts & Cs would have stated that a fee was payable; the amount would have been stated in a fees leaflet. Your lender doesn't need to show you the Ts & Cs - your solicitor doubtless has a copy if you need to refer to it.

@tsomo2000 - you agreed to the £295 up-front when you took the mortgage. It was included in your KFI. You knew about it and still agreed to buy the mortgage. A&L don't have to do anything else to justify the £295 - it's a legal charge which you signed up to. They don't need to break it down either.

@TheBigYin - your fee will have increased over a 4/5 year period. But if you've switched products within that 4/5 year period, it's the fee applicable at the time of the latest switch which applies, not the original fee.

@campervanchick/dunstonh - I think Abbey are just being obstructive as they are the only lender insisting on the completion of specific forms. I can't see how the FSA could punish them for settling complaints quicker.

fatlion

I would like to ask if anybody has heard of successful claims regarding the following:

Had been with morgage company for 6 years, had had some financial difficulty not paying the morgage but did go to one of these places that helps you pay people of to what you can afford. anyway the consequences of this is bad credit report. although your paying and the've agreed they still record you as a bad payer. we'd been paying for several years when i fell pregnant. we lived in a one bedroomed house and wanted to move. we when to see the morgage advisor and took all statements regarding the debts being paid and explained what would happen on the credit search. they agreed to give us another morgage for a new property, sent us off to find one as we hadn't looked thinking they would turn us down. elated we found a house put in an offer and went back to the Woolwich. They were still happy then two days later they phoned and said they wouldn't loan us any money because of credit check. we were on a fixed rate deal, with two years to go. still needing to move we went to a financial advisor who obtained a morgage through a relatively new bank in wales. the upshot was we lost all the money we managed to gain from selling the flat (as the market wasn't like it is today) and the deposit for the house through charges.

We did go through financial obuss who award us £500 only a third of what we paid.

i'm probably flogging a dead horse but can i still attempt to claim. the fin Obs awarded this for the woolwich advisor assuring us that everything was ok.:o

MarkyMarkD

This is nothing to do with MEAFs, fatlion.

If you've had an agreed settlement following an FOS decision, it really isn't worth you flogging this dead horse any longer.

The_Big_Yin_4

MarkyMarkD wrote: »

@TheBigYin - your fee will have increased over a 4/5 year period. But if you've switched products within that 4/5 year period, it's the fee applicable at the time of the latest switch which applies, not the original fee.

I have not switched products but due to a marriage breakup and them not being able to supply new mortgage acc this one had to be closed. Does this mean there is no point going ahead as its legitimate ?

MarkyMarkD

No, TBY. It doesn't matter why you had to exit the mortgage. As long as you took it out 4/5 years ago and are still on the same mortgage product - i.e. have never switched - then the MEAF from 4/5 years ago will apply. And that will mean something like £150 or so for A&L at that point in time I guess.

kashie

Hello I am planning on settling a mortgage up shortly. On the settlement figure sheet it states that the total amount includes a redemption admin fee of £145.00.

Is this MEAF fee????

MarkyMarkD

Yes, that's right.

Sunshine_and_Roses

This is the first time I have looked into this, so not sure if I can claim anything. Our history is -

March 2005 - OH swapped mortgage from Abbey to A&L. £99 was added to mortgage amount to redeem.

March 2005 - A&L charged £30 for fees and £25 for insurance charge which were added to the mortgage.

March 2007 - End of 2 year fixed term with A&L, so changed to 5 year flexible discount mortgage, still with A&L, which does not incur early redemption charges (not sure which mortgage to go for, chose this whilst still looking around). Sent cheque for £149 direct to A&L for arranging this.

Are any of these fees refundable, or have I paid correctly?

Thanks for any advice.

kashie

I have other mortgages and the one prior to my current stated that if I settled up early I had to pay £107 per every £1000 pounds borrowed.

Is this a MEAF fee????? If so they owe me a few thousand?