Mortgage ending - final bill charges

Ivrytwr3

Afternoon all,

We are coming to the end of our mortgage in the next few months with Santander (yey). When i looked at the settlement figure i see there is a £225 final charge (Redemption Administration Fee).

I recall years ago reading here a template letter to get this fee waived.

Is this still a thing? Anyone know where the template letter is?

Thank you x

Mr.Generous

Correct. I'd already paid mine when I found out, I sent the template showing the cost when I applied for and was granted the mortgage, which was a fraction of that charged. The bank - Halifax - just rang up with one simple question.

Which account would you like the fee refunded into please Mr Generous?

The template was on this website somewhere!!

Hoenir

The fees are generally enforcable now. 

TheSpectator

Were these refunds given because the mortgage redemption/exit fee had been arbitrarily increased from that on the original paperwork and that if what you are being asked to pay matches the paperwork then there is no case not to pay.

Thats my recollection anyway

ACG

I dont think they will waive the charge. It was part of your mortgage offer, the time to dispute it would have been when you took out the mortgage, not when the time comes to pay it.

Best of luck with that, but I cant see it happening personally. 

Mr.Generous

TheSpectator said:

Were these refunds given because the mortgage redemption/exit fee had been arbitrarily increased from that on the original paperwork and that if what you are being asked to pay matches the paperwork then there is no case not to pay.

Thats my recollection anyway

Yes, As I said when I took the mortgage the fee in the brochure was something like £50, at redemption the fee charged was about £250. I might be wrong, I paid it off in 2000 or 2001 I think. They just repaid the whole fee. Look up what the fee was when you took the loan.

eschaton

Ivrytwr3 said:

Afternoon all,

We are coming to the end of our mortgage in the next few months with Santander (yey). When i looked at the settlement figure i see there is a £225 final charge (Redemption Administration Fee).

I recall years ago reading here a template letter to get this fee waived.

Is this still a thing? Anyone know where the template letter is?

Thank you x

My 2005 mortgage with RBS First Actve had a note on every annual statement saying there was a £225 fee payable, if it was repaid before August 2030. 

I paid it off in October and expected to pay the £225. When I queried the redemption figures, the guy said they didn’t charge the fee. I didn’t argue. 

I’ve previously posted about it and have a feeling it would have been charged if I was moving provider. 

Account has been fully closed and no fee charged. 

kingstreet

Santander account fees have been £225 for donkeys years going back to Abbey National and haven't changed. These are also re-confirmed with every rate switch/product transfer and your chances of getting them changed are slim and none, IMHO.