A rant - advice welcome

eezidozit

I am able to pay off my Halifax mortgage a little early. :j


BUT the 'administration fee' has gone up 4 times in 18 months from £50 April 2004 to £175! Disgraceful. I really do not want to pay this penalty. :mad:


Any suggestions, experiences, opinions very welcome.

I am just hopping mad!

Fairdo_2

There has been another, very active, thread recently that has been on the same subject (I think opened by lisyloo). This was about Alliance & Leicester, but the same rings true for you.

THe crux of it seems to be that they can do what they like, but if you complain about it, you could negotiate that they do not charge you so much. Therefore, vent your spleen to them and say that it is not acceptable, as it does not justify such an increase as reasonable costs have not increased in that time and tell them that you are not prepared to pay that fee.

It seems to have a pretty good success rate at the moment with those who complain.

Power to the people.

When you have had a response, please update the thread with your results.

eezidozit

Many thanks fairdo - I will complain at the time and try and get a reduction.

I'll have a read of the other thread.

payless

Think its been in the the £150- £200 for some years - but was split into 2 parts- one of which was £50 , but then had another fee ( deeds release plus account clsoing admin ?) so perhaps their rise is not as great as you thought ( just not aware of the previous fee)

eezidozit

Thanks for that, Payless. But I got this info from Channel 4's teletext money page - I checked back and with regards to Halifax I am not mistaken.

The teletext page also said it was time the FSO looked into these unnecessary charges.

Still ranting, sorry!

payless

I agree the cost has risen, and perhaps faster than it should- but to put the facts right

in 2001 ( from a booklet I have) they charged £50 deeds release plus £75 mtg discharge= £125

End of 2004 it was £50 plus £115 = £165

Currently ( according to Halifax CS ) its £50 plus £150 = £200 total

eezidozit

Ah, that's the difference, payless. No deeds held in my case, so there has never been a deed release fee applicable. Only the exit fee which has risen from £75 to £150 (soon to be £175) since April 2004.

vale_2

there is much being written in the mortgage press about exit fees at the mo (I am a broker) and it seems this is just another money making ploy from the lenders. good luck trying to get a reduction but it seems that when they know you are going they go for that final squeeze!!

horace_2

Why pay all of your outstanding mortgage? Why not pay it all less (say) £50?

This way they will probably beat a path to your door begging you to to clear the remaining debt free of charge.
It is not worth their while to have small amounts owing over a long time period.

payless

eezidozit wrote:

Ah, that's the difference, payless. No deeds held in my case, so there has never been a deed release fee applicable. Only the exit fee which has risen from £75 to £150 (soon to be £175) since April 2004.

But originally you said -- it was £50 admin fee in April 2004 and now £175
( I don't have figures to hand - but it was somewhere between £75 & £115 in April 2004, and is currently £150 ... maybe going up soon ?)

so whilst a hike, not as bad as originally implied

Corley

To be honest the whole thing is a rip off, everyone envoloved with buying/selling a house will try rip you off as much as they can and get some of the money youve worked hard to get. Im currently in the final stage's of buying a home and i can hoesntly say and they extra charhes and additional fee's truely take away the "magic" of buying your first place. Its disgusting all these rip off charghes you must face throughtout the whole process.