Mortgage repayment fee

daisy_digger

Have just recieved a letter from my mortgage provider re a mortgage repayment fee that i didn't know existed, are these kind of fees usual?

Joe_Bloggs

This information may be found in the charges and fees section of their website. Often it is not clear if those charges apply in your circumstances. You can apply for a redemption quote to see what does apply. Don't think that this would trigger alarm bells in the lending institution as they are so complacent with existing customers . Sealing fees and interest beyond the last payment before the new lender took responsibility, should account for most of the cost.
J_B.

Rik_S

I have recently transferred my mortgage from A&L. They have `introduced` a fee of £295-00 as an Early Closure Admin Charge.

The mail on Sunday have ran several articles about it as it customers were never notified of the increase.

Its obviously brought in to make people changing lenders think again. However it may be having the opposite effect as customers may be concerned what the next charge A&L are going to introduce.

dougk_2

This is what really annoys me and why choosing a mortgage that at the time is the cheapest may not be when you go to change later.

I think all fees should be put into the agreement and cannot be changed. Lenders should think ahead if they are worried about additional costs.

I don't see why admin charges should increase at any stage after all the longer the lenders keep you the more money they have made from you.

I would like to see the FSA regulate in this area and stop lenders introducing new ways of making excessive profits.