Mortgage Account Claims
Average amount paid out for each mortgage account claim : £736.00
Over the last five years mortgage lenders have been increasing Mortgage Exit Administration Fees (MEAFs) and levying excessive penalty charges to mortgage accounts where a missed or late payment has occurred.
If you have incurred penalty charges for late payments on your mortgage, or mortgage exit fees, then you can make a claim to get these unfair charges and fees returned to you.
If you are one of the 12.5 million people in the UK that have switched mortgages lenders in the last five years, you have probably been charged a mortgage exit fee and may be eligible for a refund.
Mortgage Penalty Charges
Mortgage penalty charges incurred for late payments have come to light during ongoing investigations into how banks and companies offering finance have managed their accounts and how they charge for late payments.
The principle for reclaiming these charges from your mortgage provider is the same as when reclaiming unfair bank charges. You mortgage provider should only charge you the equivalent of what the cost of your late payment has been to them.
However, many mortgage providers have continued to unfairly charge their customers amounts far more than the cost to them has been. One important difference from reclaiming bank charges is that you can reclaim mortgage penalty charges going back 12 years, as opposed to 6 years for bank charges.
Mortgage Exit Administration Fees
Mortgage Exit Administration Fees (MEAFs) are also known as; deed release fees, sealing fees, final administration fees, discharge fees, and final redemption fees. They are fees paid by you in order to end your mortgage contract. They may have been incurred when you switched mortgage providers at the end of a fixed interest rate period, or when your contract ended when your mortgage was paid off.
MEAFs are designed to cover the expenses your mortgage provider incurs when you terminate your mortgage with them. Overheads they may incur include; deed release fees, land registry charges, staff processing and general overheads. Mortgage providers may pass these costs on to you, but they may not charge you fees in excess of what the cost to them has been. However, mortgage providers have continued to charge fees disproportionate to their costs.
Even if you agreed to a MEAF with your mortgage provider when you signed your mortgage contract you can still reclaim this fee if your mortgage provider is unable to justify it.
If you have incurred penalty charges for late or missed payments on your mortgage make a claim today to have these charges returned to you.
If you are one of the 12.5 million people in the UK that have switched mortgage lenders in the last five years, you have probably been charged a mortgage exit fee and may be eligible for a refund.
