Mortgage amendment charges....!

sheryllamb

Could anyone advise me of something please regarding bank charges and mortgage amendments.

Our mortgage is with the Woolwich (now Barclays) and we have just written to them to amend the mortgage re-payment structure. We have a re-payment and an endownment mortgage.

We have asked them to change the “interest only” account from £10,000 to £40,000 and the rest of the outstanding amount to a re-payment scheme.

For them to do this, they have charged us £50.00 which seems a tad harsh, seeing as we've stayed with them and just literally given them an admin job to do.......!

Does this seem a bit unfair to anyone? And if so, is there any way of claiming this back?

Thanks,

TwelfthMan

Bog standard lender admin fee. You will more than likely have been given a document with your mortgage offer with a full list of all fees that could be payable during the mortgage term.

jamesd

Seems fair enough for the work, which may have included reassessing your ability to pay the increased interest only portion at the end of the mortgage. Someone has to pay and it's fairer for it to be those who make changes than those who don't. Definitely beats having to remortgage to do it!

cajunbabe

Due to remortgage soon and after getting good advice from L&C, who advised me to stay with my present lender A&L, I went to the A&L website to do transaction online and save fees/charges as described in Martin's guide. The most suitable remortgage offer for me was advertised at a fee of £499 with a tel.no. to call A&L. When I did I was told charges were £250 in addition to £499, total £749. I questioned why this £250 was not shown on their website and why the £499 charge when I knew what product I wanted and had tried to do it online but no joy! I was told thoses were the charges. Can anyone advise how to get round this or part of it, maybe the £250 part since I don't expect not to pay anything for what I suppose is an arrangement fee.
Thks, cajunbabe

JoeK_3

It would be better to start a new thread with this as people will not be able to find it.

JoeK

sheryllamb

Thanks for that, I just wanted to be sure, as our FA advised us that they probably wouldn't because we were staying with them, but it seems not!
I suppose that a charge of £50.00 is better than having to re-mortgage and pay over £500.00.