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Mortgage product fees
Goldador
Posts: 1 Newbie
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?
I have no idea why - Does anybody know anything about this at all?
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Comments
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call Halifax bank to check.
Not the number on the letter but the number you are familiar with.1 -
The letter should have something on it that indicates the reason for the refund. Is there nothing at all on there?0
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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.0
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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.0 -
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!0
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Personally I would always want to understand the reason for the refund before banking the cheque, and absolutely necessary before spending the money...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!
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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.0 -
Did you cash it and have any other letters turned up since?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!0
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