Hi all
You may have already seen this in the national press but i'll tell ya anyway!
Has anyone redeemed a mortgage in the last few years? Either by paying it off or changing to another mortgage provider/building society?
The FSA (Financial Services Authority) looked into onerous charging by banks and building societies for mortgage redemption and found that exit fee's had risen by 350% in the last decade.
Consequently, you can now complain by first ringing up the mortgage provider you redeemed with and they will send you out a form to complete (only a 1 pager, very simple) or by visiting
www.moneysavingexpert.com and downloading a template letter to send to your provider. As long as the exit fee's you were quoted (if any) originally and the amount you were charged, don't match, you can claim the difference, often up to £200.00 per redemption. So if you are a rate tart like me and change mortgage every 2 years you might be able to claim quite a bit.
Good luck
Jules
