How to Get Mortgage Exit Fees
Wednesday, April 22, 2009 20:27
Borrowers are picking holes in their mortgage contracts to contest how much it really costs to close an account. Floods of homeowners now are reclaiming mortgage exit fees worth hundreds of pounds, which they were charged when coming to the end of the mortgage deals.
Many homeowners have even started to contest the original wording of these fees in their home-loan contracts. Once the terms and conditions state that the fee relates to administration or costs incurred to the bank, people will ask the lender to set out what the costs incurred are. Then will argue on the charges.
Banks now are simply paying out ‘goodwill’ money instead of fighting to prove their costs, in order to end the complaint.
FSA is looking for ways to put an end to this tide of complaints via issuing guidelines to lenders. It suggested that the companies should not increase the fee during the term of a borrower’s contract.
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