Re-Mortgage fees

flatatcroydon

Hi, I had a mortgage with C&G fixed for 5 years, interest only payment. Rates went down and I decided to move my mortgage to Santander as rates were much better. Because I left the fixed term early C&G charged me about £3700 fee. It's very excessive. Is there anything I can do to claim something back, or are the rules about leaving fixed term quite clear and there is no claim. Advice would be appreciated. Thanks

_Andy_

No there isn't.

If you thought it was 'excessive' why did you agree to it when you took the mortgage out?

flatatcroydon

Thanks, It was a lot to pay but I was still better off because of the lower interest rate.

dunstonh

Because I left the fixed term early C&G charged me about £3700 fee. It's very excessive.

It is not excessive. It is a valid and fair charge.

It was a lot to pay but I was still better off because of the lower interest rate.

How many years will it be before you breakeven?

Is there anything I can do to claim something back, or are the rules about leaving fixed term quite clear and there is no claim.

As it is considered fair and reasonable and in place for good reason, there is nothing to complain about.

opinions4u

I chose to terminate a contract by paying the pre-agreed fee. Can I have it back please?

Unless you can demonstrate that the terms of the contract are unfair in law, the answer is a resounding NO.

The reason the charge is fair is that your lender still has to pay a higher rate to the wholesale founder / retail customers that they borrowed from to fund your mortgage deal.

Additionally, if rates had risen you wouldn't have expected them to increase the rate they charged you.

Contracts are a two way street. Far too any people don't seem to understand this.

flatatcroydon

Is this forum always so aggressive, I wish I had not bothered. I understand contracts very well thank you, but I also understand that banks are neither fair or reasonable!! There might be a good reason very occasionally for what they charge but on the whole I as an individual is always the loser with any agreements with banks or lenders. Please no more aggressive answers, my question has been answered!

dunstonh

but I also understand that banks are neither fair or reasonable!!

In the vast majority of the transactions and business they carry out they are fair and reasonable. In some areas, they have a lot to learn and improve but this is not one of them.

There might be a good reason very occasionally for what they charge but on the whole I as an individual is always the loser with any agreements with banks or lenders.

Perhaps you should take more care before entering into contracts in future then. Perhaps go to a solicitor as people used to not too many years back. Rather than blindly entering into contracts you neither understand or appear to want.

s this forum always so aggressive, I wish I had not bothered.

it is not aggressive. Just because you didn't get the answers you wanted to hear and were given factual and correct information as well as some observations does not make it aggressive.

This is a place for plain speaking and facts that help people. Not a place for wrapping you up in cotton wool and saying how horrible that big bad bank is for honouring the contract you agreed with them and how horrible it is that they are not getting other customers to pay for your decision to break your agreement with them.

_Andy_

What a charmer.

opinions4u

flatatcroydon wrote: »

Is this forum always so aggressive, I wish I had not bothered.

I'm sorry if you felt there was aggression in my post. It wasn't intended to be. I did try to answer your question though.

I stated an opinion and also stated the circumstances that would give you a more favourable outcome.

I understand contracts very well thank you

So why ask the question?

but I also understand that banks are neither fair or reasonable!! There might be a good reason very occasionally for what they charge but on the whole I as an individual is always the loser with any agreements with banks or lenders.

Most T&Cs issued by banks are fair, clear and reasonable.