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£175 admin fee for leaving mortgage??
michmush77
Posts: 39 Forumite
hi, i am leaving my current mortgage lender after a 3yr fixed period. i have been given my closing balance along with an admin fee of £175 for leaving.
:mad:
Is this legal and can i refuse to pay it? or claim it back at a later date.
:mad:
Is this legal and can i refuse to pay it? or claim it back at a later date.
0
Comments
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It is probably the mortgage exit fee & you need to read your original mortgage offer documents to see what the figure stated there is so you know what amount you agreed to. It may be down as mortgage redemption fee or something similar. If it's documented at a lower figure than £175 then you only have only agreed to pay the lower amount, but if it's down at £175 then that's the amount you have to pay.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
there is a difference between early redemption and admin.
Lots of people have been successful in challengeing the admin fees.:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
there is a difference between early redemption and admin.
Lots of people have been successful in challengeing the admin fees.
Only if the amount quoted when they took out the mortgage will a refund be issued to the lower amount.
E.g if you agreed to pay £100 but have been charged £175, £75 will have to be refunded to you, not the whole amount
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They said it is an admin fee not an early redemption fee, but i will call and ask again for sure.
Thank you0
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