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Abbey - Repayment Fee
wolfboy
Posts: 11 Forumite
Hi,
I am in the process of changing mortgage from Abbey to Ispwich. The Abbey is charging what they call a 'Repayment Fee' of £225. Now, I know that there has been lots activity on the subject of exit fees, but if this figure is in the mortgage contract, do I have to pay it? Or can I claim that the fee is not reasonable for the admin the abbey needs to do?
Regards
Wolfboy
I am in the process of changing mortgage from Abbey to Ispwich. The Abbey is charging what they call a 'Repayment Fee' of £225. Now, I know that there has been lots activity on the subject of exit fees, but if this figure is in the mortgage contract, do I have to pay it? Or can I claim that the fee is not reasonable for the admin the abbey needs to do?
Regards
Wolfboy
0
Comments
-
You can only dispute the fee if it is higher than the one quoted in the contract at the time of taking out the mortgage. If this is the case then the difference between the quoted fee & the current redemption fee of £225 can be claimed back.
If the figure quoted is £225, then you have no grounds for complaint as these are set fees that you agreed to at the time of taking out the mortgage & which all lenders charge on redemption of mortgage.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 -
Thanks,
yes I thought that was the case.
Cheers
wolfboy0
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