Remortgage Product fee - National Counties BS

pacman_2

I have had a mortgage with Nat Counties BS (now Family BS) since 2007. When I moved to a new mortgage deal after my initial 2 year deal, I was charged £795 to move to a new deal. When that deal finished, I moved to another deal. This time there was no product fee. I did question this with the BS at the time. They said that was the fee at the time. I'm having trouble with my repayments ( 3 months arrears from 2019, up to date since). I want to know whether the fee charged was correct. It does seem a lot for moving me from one product to another. The process involved them saying 'yes thats ok. we'll send you a letter'. Any ideas if I can claim this money back?

dunstonh

. I want to know whether the fee charged was correct. 

Why do you think it wouldn't be?    Since 2004, the terms have been laid out clearly in a defined format by the regulator.   Are you suggesting the terms were not laid out correctly and somehow the contract was written incorrectly?

It does seem a lot for moving me from one product to another.

No it doesnt.

The process involved them saying 'yes thats ok. we'll send you a letter'

It is nothing like that in the slightest.

 Any ideas if I can claim this money back?

No you cannot.    

Mortgage deals are priced generally in three components.  Upfront fee, interest rate and exit charge.   Sometimes there will be deals with higher upfront fees and lower interest rates and other times lower upfront fees and higher interest rates. Sometimes the fee was backended (charged if you moved away from them).

People with larger mortgages are frequently better off going with higher fee, lower interest rate and people with smaller mortgages are frequently better off with lower fee, higher interest rates.

It is called choice.  You choose what is best for you.  And you dont go compensation chasing if you pick one over the other.