ERCs- Early Repayment Charges - early exit fees. (merged).

nedsir

I wonder if anyone can help me. I read on the site about mortgage exit fees and about claiming them back. But on my final payment it says Repayment administration fee and deeds dispatch fee. Is this the same and can I claim them back?

What do you think?

Regards

Nedsir

dunstonh

nedsir wrote: »

I wonder if anyone can help me. I read on the site about mortgage exit fees and about claiming them back. But on my final payment it says Repayment administration fee and deeds dispatch fee. Is this the same and can I claim them back?

What do you think?

Regards

Nedsir

You cant claim back an ERC and what you have on your statement is not an ERC. Plus, if its on your statement then you havent paid them yet so you cant claim back something you havent paid.

The ruling on fees is that they should be the same as what they were on the original offer. As long as they are that figure then you cant claim them back

Optimistic1

Apologies if this is the wrong forum to post this in....

I am selling my flat - we are at the exchange stage now and hopefully will be completing by the end of this month. My next mortgage payment is due on 1st August. Do I need to pay that if say the completion takes an extra few days and doesn't complete until say 3rd August for some reason?

Reason I ask is that mortgage is interest only so obviously I am not paying anything off.

Thanks for any advice!

dunstonh

Apologies if this is the wrong forum to post this in....

Not the wrong forum but the wrong thread (your question has nothing to do with ERCs).

My next mortgage payment is due on 1st August. Do I need to pay that if say the completion takes an extra few days and doesn't complete until say 3rd August for some reason?

Depends on what the settlement figure terms are. However, typically its best not to cancel until after completion. Any over payment will be returned.

endemoniada_2

I've had a four mortgages in the last 10 years that I paid hefty early repayment charges for. I've n ot thought about reclaiming until I've had a swift look at this thread. I'd need to really think about the figures but I should still have the paperwork about somewhere.
Any quick advice and successes?

dunstonh

endemoniada wrote: »

I've had a four mortgages in the last 10 years that I paid hefty early repayment charges for. I've n ot thought about reclaiming until I've had a swift look at this thread. I'd need to really think about the figures but I should still have the paperwork about somewhere.
Any quick advice and successes?

The reason you havent thought about reclaiming ERCs is because there is no reason to think about it. The fees are considered fair and legal where they were known about in advance and on the contract agreed and applied in accordance with that contract.

Apart from a very tiny minority of cases where ERCs were not detailed on the contract, there is virtually no chance of success claiming them back.

That is why you don't see hardly any posts on this subject (this thread is made up mostly or unrelated things or loosely related issues).

MarkyMarkD

endemoniada wrote: »

I've had a four mortgages in the last 10 years that I paid hefty early repayment charges for. I've n ot thought about reclaiming until I've had a swift look at this thread. I'd need to really think about the figures but I should still have the paperwork about somewhere.
Any quick advice and successes?

Hm, so why have you had FOUR lots of ERCs? That is not a normal set of circumstances.

Either you

(a) repeatedly buy mortgages which are good value up-front but rubbish v value long term, and then bin them off early when you wake up to the fact; or
(b) are being exploited by a con-merchant broker who is getting paid every time you switch product.

dunstonh

(b) are being exploited by a con-merchant broker who is getting paid every time you switch product.

Now that is something you can complain about.

It does seem strange to have 4 deals in 10 years. That is either bad planning or bad management.

runboy

Our current fixed rate is with the Nationwide and is at a high rate. I was prepared to pay the ERC to move to a different Nationwide product but they said no, whilst they are happy to loose my custom they are not happy to let me pay the ERC and move to another product.

Has anyone else come across this or had Nationwide change their stance and allow the ERC to be paid and move to another of their products?

_Andy_

runboy wrote: »

Our current fixed rate is with the Nationwide and is at a high rate. I was prepared to pay the ERC to move to a different Nationwide product but they said no, whilst they are happy to loose my custom they are not happy to let me pay the ERC and move to another product.

Has anyone else come across this or had Nationwide change their stance and allow the ERC to be paid and move to another of their products?

Unfortunately that's standard NW policy and they won't allow what you're after.