NEW Mortgage Exit Fees Discussion

kirkie_2

Is there a letter template to send to a Mortgage lender if I don't know the account number or what the exit fee actually was please?

Noz

kirkie wrote: »

Is there a letter template to send to a Mortgage lender if I don't know the account number or what the exit fee actually was please?

"[FONT=arial,helvetica,sans-serif]Even if you don’t have a clue about what you were charged, reclaiming should be pretty easy. Just call your old lender and say “I’d like to reclaim my old mortgage exit fee please”. When it asked for details say you don’t have them, and ask it to let you know what you were charged and what your contract says. Most will do this without a problem. If it asks you why you want to reclaim, just say “because the regulator, the FSA says I was overcharged”.The table of lenders below is a guide to past MEAF rates, so you can work out roughly how much you'll get back. "[/FONT]

kirkie_2

Noz wrote: »

"[FONT=arial,helvetica,sans-serif]Even if you don’t have a clue about what you were charged, reclaiming should be pretty easy. Just call your old lender and say “I’d like to reclaim my old mortgage exit fee please”. When it asked for details say you don’t have them, and ask it to let you know what you were charged and what your contract says. Most will do this without a problem. If it asks you why you want to reclaim, just say “because the regulator, the FSA says I was overcharged”.The table of lenders below is a guide to past MEAF rates, so you can work out roughly how much you'll get back. "[/FONT]

I know have all my account numbers, but prefere doing it by letter...

Noz

Yes, use the steps outlined in Martin's template letter from his article on the subject.

spud17

In my previous post (#972) I stated I have received a cheque from Abbey for £130. Mortgage ran October 2002 until February 2006. GREAT.

I was awaiting a response from Bradford & Bingley, I have now heard from them, and they are saying I am due £75 for a mortgage that ran from April1988 until October 2002.

Looking at other posts this seems small in comparison, I don't want to seem ungrateful, but, what do others think?

Thanks R

MarkyMarkD

@Jenny007 - your question has been answered on this very page by Noz in post #962. Welcome to the forum, but it helps to check back to see if someone has already answered your question before asking it again!

@spud17 - your refund from B&B will be small, because the amount you paid on redemption in 2002 was relatively small, and because it wasn't increased much (by £75 in fact) compared to what you agreed to pay when you took out that mortgage. Comparing between different lenders at different times is pointless - what you are due is what you are due.

spud17

Comparing between different lenders at different times is pointless - what you are due is what you are due.

Sorry for the confusion but I was comparing my figure (£75) with post #1972

http://forums.moneysavingexpert.com/showthread.html?t=363731&page=99

And post #1997 here

http://forums.moneysavingexpert.com/showthread.html?t=363731&page=100

kirkie_2

Just got a cheque from the Nationwide for £90 this morning and only took them about 5 days to respond. The Abbey have sent me another form to fill out with dates of taking out and leaving the mortgage..... (Don't they know!!!!)

MarkyMarkD

spud17 wrote: »

Sorry for the confusion but I was comparing my figure (£75) with post #1972

http://forums.moneysavingexpert.com/showthread.html?t=363731&page=99

And post #1997 here

http://forums.moneysavingexpert.com/showthread.html?t=363731&page=100

Posts 1972 and 1997 don't say when they took out the mortgage, or when they redeemed. They doesn't tell you anything useful at all for comparison with your own situation.

Most likely both cases redeemed recently and paid over £200 in MEAF, and should have paid around £50 or so.

Like I said before, what you are entitled to is simply the difference between what you paid, and what you should have paid. If you didn't pay much, you are not entitled to much.

mandyodris

I contacted BM to see if I was owed anything with regards to the mortgage exit fee, They were very helpful and received a confirmation letter the following day and then a few days letter received an offer letter for £25.00.

I originally paid £100 in 2004 the letter states that as goodwill they will offer a payment of £25 not sure if this is the right amount to accept, can anyone advise?

Thanks Mandy