Mortgage product fees

Goldador
Goldador Forumite Posts: 1 Newbie
in Mortgages & endowments
I've received a letter from Halifax bank telling me that they're refunding a mortgage product fee that I paid back in 2004...

I have no idea why - Does anybody know anything about this at all?

Comments

  • london21
    london21 Forumite Posts: 1,970
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    call Halifax bank to check. 

    Not the number on the letter but the number you are familiar with.
  • simon_or
    simon_or Forumite Posts: 890
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    The letter should have something on it that indicates the reason for the refund. Is there nothing at all on there?
  • Zepsis
    Zepsis Forumite Posts: 2
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    I had the same letter. From a mortgage back in 2014. They have now also sent a cheque. Going ro call Halifax from the actual number not one on letter.
  • amnblog
    amnblog Forumite Posts: 12,220
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    About £300?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • JJDoherty
    JJDoherty Forumite Posts: 1
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    I received a similar letter, but from Bank of Scotland, calculating a refund of product fee from 2008, with interest. A cheque arrived 10 days later for £1938. No reason given, just that they were going to refund it. Can’t find any news stories about banks being forced to do this for any reason. I assumed it was a PPI style ruling, but can’t find anything to back that up. Not going to argue of course! 
  • MWT
    MWT Forumite Posts: 8,882
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    JJDoherty said:
     I assumed it was a PPI style ruling, but can’t find anything to back that up. Not going to argue of course! 
    Personally I would always want to understand the reason for the refund before banking the cheque, and absolutely necessary before spending the money...

  • amnblog
    amnblog Forumite Posts: 12,220
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    In the early 2000's lenders got in a habit of adding mortgage exit administration fees.

    The Regulator later (around 2010/2011) had a problem with these fees, how they were added and charged, and these type of fees were pretty much dropped across the board by lenders as a result.

    This sounds like it relates to that.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Zepsis
    Zepsis Forumite Posts: 2
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    JJDoherty said:
    I received a similar letter, but from Bank of Scotland, calculating a refund of product fee from 2008, with interest. A cheque arrived 10 days later for £1938. No reason given, just that they were going to refund it. Can’t find any news stories about banks being forced to do this for any reason. I assumed it was a PPI style ruling, but can’t find anything to back that up. Not going to argue of course! 
    Did you cash it and have any other letters turned up since?
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