Mortgage late payments

johnmichael_2

Does anyone know if I can claim my late mortgage payment charges in the same way I claimed my bank charges? PLEASE!

KTF

In a word. No.

Realist

Now thats taking the pi$$ in my opinion. Banks are rip off's in my opinion but trying to reclaim late payment fee's is a bit of a cheek concidering your paying them late.

jamesd

You can reclaim any penalty charges that exceed the cost of dealing with the situation. In principle that includes mortgage late payment charges if they aren't reasonable.

Do be sure that you're willing to establish an adversarial relationship with your mortgage company and assume that they will decline the possibility of you remortgaging with them, so be prepared.

Olli_2

Sorry but why is it taking the P?

The people taking the P are the mortgage companies charging around £30 or £40 each and every time a payment is missed and adding that to your existing debt.
It is one thing to charge interest plus the amount it costs to administer this process.
It is a completely different thing to make a profit from people who are obviously struggling with meeting their payments already, driving them into possibly losing their homes etc.

Is there any precendent for reclaiming these fees in the same way as bank fees have been reclaimed?

I would be quite happy to be refused further lending by my provider if I could reclaim all my fees as I can call upon an emergency lender to cover my outstanding debt indefinitely in that eventuality.

I am in the later stages of reclaiming over £2,000 of unlawful bank charges and I suspect a similar amount has been "stolen" from me by my mortgage company over the years. These combined amounts would pay off one fifteenth of my outstanding debt.

I cannot see any legal or moral difference between these cases but I would like to know if there is a reasonable chance of winning if I were to begin proceedings.

I am amazed that there is not more discussion about this already.

welshcakes

Hi Olli

I understand where you're coming from. I have recently suffered a total crash in income and thus received some late charges from mortgage company. Like yourself, it is not the interest that I find frustrtaing, it's the £30 admin charge ... even the wording is reminiscent of those flippinn bank letters that would come through.

So yes, I would also query why £30 admin fee for a mortgage company can be deemed anymore lawful than £30 bank admin fee.