Tuesday, 28 July 2009

What is a mortgage exit fee?

posted by debts.org at 00:58

If you ended a mortgage ahead of the agreed term, either because you have paid the loan off early or you have switched mortgage providers, then you probably paid a mortgage exit fee on the insistence of your bank/building society. Mortgage exit fees are also known as deed release fees, final administration fees, sealing fees, discharge fees or final redemption fees. Whatever the banks chose to call them, they can leave you out of pocket.

Reclaim mortgage exit fees

If you have paid a mortgage exit fee, you could get it refunded with debts.org. Our no win no fee policy means that even when we win back your mortgage exit fee, we will only charge you a flat rate of £65. As part of a leading insurance company, we guaranteed you a professional, friendly service that smaller claims companies cannot match.

Before you reclaim your mortgage exit fees:

• Check the small print in your mortgage contract for details of early exit penalties

• Find out if you were charged for switching mortgage or for paying it off

• Compare the exit fee with the amount written in your contract

If you were overcharged or you were made to pay a fee that was not stated in your contract, one of our professional counsellors will contact your lender and get back what is rightfully yours.

Labels: claims companies, contract, mortgage exit fee, switching mortgage