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Mortgage Exit fees - buy to let
richardbridge1
Posts: 1 Newbie
Does anyone know whether you can reclaim mortgage exit fees on buy to let products as I have tried and received a response from Paragon that states "there is no regulatory or legal requirement to reimburse the exit fees applied to your account and it is not our policy to do so. Your loan is not an owner occupier residentail mortgage but rather a commercial arrangement under which we have the ability to set the exit fee at its current level."
Is this right or is it just normal tactics for a lender trying to stop me taking it further ?
Is this right or is it just normal tactics for a lender trying to stop me taking it further ?
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Comments
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Sounds like they are trying it on, unless its in your T&C when you took the mortgage out then i can't see how they can say that.
What i can say is that at Mortgage Express we have been refunding all Residential and Buy To Let mortgages, so ask them to prove it in the T&C you agreed to when taking out the mortgage.0 -
Buy to let mortgages are unregulated. This means that the FSA wouldn't look at your case. If you wanted to claim a refund on the grounds that the charges were unfair (or you weren't made aware of them at the start) you would have to take them to court rather than complain to the FSA.
Doesn't mean you have less of a case, just that it would be harder to prove.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Wonder if you could clarify that Mortgage Express and Mortgage Trust are now the same company? I have a buy to let and contacted Mortgage Trust and got the reply that they are not regulated by the FSA so would not pay, I did not bother to phone Mortgage Express after that as I wanted to check it out, but will now I know they are paying out, Thanks. http://forums.moneysavingexpert.com/images/smilies/sport-smiley-001.gifSounds like they are trying it on, unless its in your T&C when you took the mortgage out then i can't see how they can say that.
What i can say is that at Mortgage Express we have been refunding all Residential and Buy To Let mortgages, so ask them to prove it in the T&C you agreed to when taking out the mortgage.0
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