Mortgage Exit Fee - Refuse Payment ?

dunstonh

doesn't seem sensible/fair/reasonable to me

Doesnt matter what you think about it being fair, unfair, justifiable or unjustifiable. It is not a penalty charge and doesnt have to. Admin/service charges do not have the same rules applied to them.

You seem to be in sympathy with mortgage lenders ......... my impression is that is not the general tenor of this site ! Anyway - let's leave it there and thank you

The site is about moneysaving. It isnt about you trying to get out of a valid fee that you agreed.

The lender is charging something that you agreed to when you took the mortgage out. The FSA say that amount should be what you were told (or reasonable increase due to inflation which they have to agree).

If you actually read the comments on the site before making such judgements about it you will see that unfair charges and practises are challenged. However, the amount of £95 is neither unfair or something you can challenge with success.

holgates

So if the admin work we agreed to all those years ago NO LONGER EXISTS ......... you believe the fee is still payable ?!

Think you're using a very conservative reading of the general tenor of this site .........

dunstonh

Think you're using a very conservative reading of the general tenor of this site .........

Nearly 4 years I have been posting here. So, I think my understanding of the site is a little better than someone that has been here less than a day.

So if the admin work we agreed to all those years ago NO LONGER EXISTS ......... you believe the fee is still payable ?!

Doesnt matter if it does or it doesnt. There is still some admin involved and staffing costs have seen significant cost increases whilst a lot of the work has been computerised and made it easier, someone still has to pay for all that.

But again, it doesnt need to be justified. You agreed to it when you took out the mortgage.

Retired_I.F.A.

Why redeem the mortgage anyway? Leave a balance of £1 asnd the lender will keep the deeds safe which will be far cheaper than you having to keep them somewhere secure.

holgates

The difference is - you're in the industry and see things with a different perspective

I have followed this site for some time and I'm convinced it is creative/proactive/aggressive

Fact remains the lender says fee is to re imburse them for something it turns out costs them nothing

holgates

The lender has already returned the deeds to me unsolicited ...... thanks for your comment

eldowardo

holgate i understand what your saying... why should there be a charge to you when you the land registry charge nothing for it...

just look through some threads, if a customer challenges any mortgage charges guaranteed the IFA/ financial advisors jump on and start siding with the banks.

As a consumer it should be challenged even if it is in the orignal contract, no changes would ever happen fi people didnt challenge the system. this is what this sites about.

some on here like dunstonh are very biased and always side with the banks... he is in the industry and does see it from a different prespective to us. I think personally his views dont suit this sort of site on discussions such as these and I should tell ya dunstonh its people like you who have been on forum boards so long that think cos a newbie comes out with a forum post thats been discussed before you have to slate them for it... well get a grip, not everyone can be bothered searching through the site for the previous topic. Ive seen long standing members take such a bad attitude towards pepole that puts them off posting.

holgates

Maybe no one has actually challenged it .............. can't say I have exactly received much encouragement ! I will indeed let you know if I get anywhere

dunstonh

the difference is - you're in the industry and see things with a different perspective

I'm an IFA, not a mortgage adviser. I do not earn a penny from mortgages or lending. I have no care what lenders do really as it does not impact me in any way apart from my own personal mortgage.

I have many times pointed out bad things against banks, insurance companies and investment companies as well as other advisers in the past. I have also acted on behalf of a few posters in initiating complaints and getting redress on their behalf. One recent case is looking at a figure of at least £8000.

If it was unfair or immoral then I would be with you. However, it isnt.

I have followed this site for some time and I'm convinced it is creative/proactive/aggressive

Its goes against convention in some areas certainly. However, these charges have been challenged and an outcome agreed and enforced by the regulator.

Fact remains the lender says fee is to re imburse them for something it turns out costs them nothing

You mean a member of their staff is making a half hearted guess at what the fee is for. The front line staff rarely have much of a clue of the underlying work involved behind the scenes. A few basics and information that they have picked up over time is often the best you can hope for. A little knowledge can be very damaging.

some on here like dunstonh are very biased and always side with the banks...

You obviously dont read enough posts then. I am very critical of the banks on the whole.

Eldowardo came out with the most daft thread not too long back and didnt like it when everyone posted how wrong he was. So comments like his are to be expected.

I think personally his views dont suit this sort of site on discussions such as these

You mean that I shouldnt post because I know what I am talking about but should leave it to people like you who dont and just like to whine about things.

holgates

At last - someone speaking a language I can understand !

I thought all the argument over past months was over INCREASING charges not trying to levy them for something that maybe doesn't exist anymore ..... apologies if I'm wrong and what I'm proposing has been rolled around before

Still going to at least argue my case

This forum is quite depressing !

Still - Happy New Year to you all