original MORTGAGE TERMS CHANGED

holly_hobby

Ok, this as Kings. has stated is NOT an early repayment fee (ie as seen when your borrowings are under a mortgage product such as a fixed, discount rate etc), but is actually a Mortgage Exit Admin Fee (MEAF), and is a completely different thing, and something that mortgages have always had (it being the cost for admin of closing off the file, recovering deeds, etc).

As Kings has also stated, there has been a recent hoo har over lenders when mortgages were redeemed, actually charging a HIGHER MEAF fee than quoted in the original mge T&Cs - if they did, then the mortgagor could have that difference repaid.

TBH the fees you have been quoted are now the norm, and neither exorbatant, unlawful or unfair.

Britannia pre the recent changes were pre Jan 97 - Jan 02 £50, and between Jan 02 to Jan 07 £75 per sub account (so could be well in excess of £250 depending on any further advances), howver for exits post Jan 07 (which will obv be you -there is a max change of £125).

They have accordingly amended their fee notification to reflect this change, so whilst on the face of this notification you may shout "unfair relationship test", as long as its reasonable for the work involved, they can effect this change under "exceptional circumstances" rule if nothing else - which is a option written into all mge contracts, and is designed to ensure that the lender isn't losing money under the administration of or by having money on loan to debtors at exceptionally low rates (although not all lenders have or do exercise this facility, the option remains there for them).

Most mges if not all have a MEAF, indeed I have one on my own mortgage.

With regards to the underperforming endowment, well the compensation put you back in the position you would have been if you had effected a repayment mge - and you should have used this lump sum to reduce your borrowings at that time WHILST also switching from IO to an C&I basis (as your complaint and its uphold was on the basis that the contract wasn't suitable to your risk profile). The fact that despite this you then chose to maintain the endowment and IO mortgage, has nothing to do with the MEAF or any amendment to it.

Hope this helps bottom this out for you.

Holly

_Andy_

Tin foil hat anyone?

opinions4u

Angelina_Soprano wrote: »

I have been overpaying my mortgage off for years now - yes it was a missold endowment ... and yes the company paid a goodwill gesture of a couple of thou - never mind that I was recently £8000 shortfall -

So you chose to carry on with the endowment after being compensated?

Your call. But you must have realised the risks of doing that, so any failure after the compensation payment is on you. You could have surrendered, reduced debt and switched to repayment.

well guys - I have now received in the post a letter IMPORTANT INFORMATION - NEW MORTGAGE TARIFF OF CHARGES Further to a review of all our mortgage fees, we have updated the information on the reverse of your statement. We have made these changes to bring them in line with the current cost of administering your Britannia Mortage account. These charges will come into effect from 1st March 2013.

Redemption amount includes ANY EARLY REPAYMENT CHARGE APPLICABLE AND A DISCHARGE FEE OF £125 PER MORTGAGE PLUS A £35 DEEDS RELEASE FEE PAYABLE FOR REDEEMING YOUR MORTGAGE PRIOR TO ITS SHEDULED TERM EXPIRY DATE. gUESS WHAT Martyn - prior to this - the original 1988 mortgage had NO EARLY PAYMENT fees - how dare they

If the original mortgage gave them no right to charge such a fee, then you may have a case to complain. So that's what you do. Have a look at the reclaiming section on the drop down menu.

- they fleece me for years - I struggle to pay the mortgage as a single parent - I overpay so cannot afford holidays

1. What has being a single parent got to do with it?

2. You can afford a holiday. You choose to overpay your mortgage.

they should wear black masks and go on the highway. Martin please take this to parliament

He's not an MP you know.

- surely they cannot keep fleecing people who are overpaying - by changing mortgage terms to suit them.

What's overpaying got to do with it? Certain elements of mortgage terms and conditions come with a right to vary.

mrginge

Quite simply, OP is a nut

Thrugelmir

mrginge wrote: »

Quite simply, OP is a nut

No reason to treat any differently.