Other incurred charges?

jolester

Hi
Please let me know if I need to redirect my question to another area of the forum 

I believe I am owed a refund of redemption fees I paid, however, as well as the redemption fee I also incurred additional charges to change my mortgage (rather than port it) should I be allowed to claim these back too? 

Thank you 

[Deleted User]

Why do you believe any of these costs should be refunded?

What is your complaint?

SonOf

With redemption fees, it is only the difference between the what you paid and the terms as they were on the last mortgage deal you agreed that is refunded.   
e.g.  
Original mortgage £100
new deal purchased 5 years later £150
new deal purchased 3 years later £200
Amount you paid £250.
On that scenario, you would be refunded £50 as it is the last deal that matters.  Normally get you statutory interest added at 8% simple.
Any fees you paid to remortgage are not recoverable as that was a personal choice you made and would not have made any difference in the decision to remain or remortgage.

jolester

I have been contacted by my old mortgage company regarding them, and upon further investigation it appears that it is likely I should have them reimbursed as their mortgage terms were unclear which is why we changed mortgage company instead of porting 

jolester

I paid £5500 fees, as you can imagine I wouldn’t have done this unless absolutely necessary. Our intention was to port the mortgage as per our original mortgage offer, but the interest rates were not as we expected as per these terms so we had to change mortgage company and paying £5500 still worked out cheaper, but we also had the usual associated costs which we wouldn’t have had if we ported our mortgage 

SonOf

I paid £5500 fees, as you can imagine I wouldn’t have done this unless absolutely necessary.
So, we are not talking about a mortgage redemption charge then.  This has to be an ERC you are referring to at that size.

If the old lender have contacted you then give them what they ask for and include any extra things you wish to provide.

jolester

Yes you’re correct, I got the terminology wrong as I’m just going off the top of my head 

I didn’t realise at the time there may have been more information they might have wanted, I just completed the questionnaire they sent me not knowing what it was for