Mortgage Exit Fees. Portman bought out by Nationwide?

mikeashworth

I had a mortgage with Lambeth BS, who were bought out by Portman Bs, who were subsequently bought out by Nationwide BS.

The MEF table shows addresses for both Portman and Nationwide, should I write to Portman or Nationwide?

_Andy_

Write to them for what reason?

mikeashworth

Mortgage Exit Fee reclaim

_Andy_

On what basis?

mikeashworth

On the basis that having read the "reclaim mortgage exit fees" article on MSE, I have a valid claim.

Just need to know which company to write to. The one who mortgage was with at time of exit (Portman) or the company that subsequently bought them (Nationwide).

If you dont know which I should write to, thats ok, I'm sure someone who has had a Portman mortgage will be along at some point.

dunstonh

You cannot reclaim the MEAF back. You can reclaim the difference back between what you agreed and what you paid, if there was any. However, if you paid what was agreed then you have no right of refund.

I would say Nationwide

mikeashworth

dunstonh wrote: »

You cannot reclaim the MEAF back. You can reclaim the difference back between what you agreed and what you paid, if there was any. However, if you paid what was agreed then you have no right of refund.

I would say Nationwide

Sorry, that's what I meant, the difference. Cheers. I'll ask Nationwide

Though I have noted that some people have successfully claimed back the entire exit fee on the basis that it was not congruent wit the time and effort required to process (according to MSE website anyway).

I'll just go with the difference, see what happens.

dunstonh

Though I have noted that some people have successfully claimed back the entire exit fee on the basis that it was not congruent wit the time and effort required to process (according to MSE website anyway).

That may have been their argument but it is not the reason for their success. They succeeded by blackmail. It costs £500 to refer a case to the FOS, even if the ruling it in the favour of the lender. So, on small amounts (and this happens with PPI as well and many other things) then lender takes the decision to pay the extra £125 or whatever as its cheaper than £500.

Some lenders will fight the case and will prefer to pay £500 rather than be blackmailed. The FOS finds in favour with the lender on these as there is and never has been any requirement to justify that charge and the FSA have no issues with it. The FSA were concerned at the way is was going up on existing contracts where people had agreed an amount yet lenders were charging more.