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Mortgage exit fee

RobM

55 years as a supporter!⭐
Joined
Jan 20, 2007
Messages
8,655
Location
Essex of course!
I'm soon to pay my mortgage off but the Woolwich want to charge me £275 to do so. How can I avoid/reduce this? Seems a rip-off to me. :flamer:
 

Stanbridge

The slack-jawed yokel
Joined
Jan 27, 2007
Messages
169
The Financial Services Authority have recently ruled that people are only obliged to pay the exit fee given when the mortgage was taken out. So if you have your original mortgage offer check the small print on that.

This also applies to mortgages that have been redeemed some time ago.
I have recently got £100 back from Mortgage Express and am in the process of getting £150 from Legal & General.
 

DTS

The Business
Joined
Oct 25, 2003
Messages
16,173
Location
In a world of my own.
The Financial Services Authority have recently ruled that people are only obliged to pay the exit fee given when the mortgage was taken out. So if you have your original mortgage offer check the small print on that.

This also applies to mortgages that have been redeemed some time ago.
I have recently got £100 back from Mortgage Express and am in the process of getting £150 from Legal & General.

As stated by this tool not a lot you can do mate all lenders charge this fee but do check your original offer as if the fee is lower you can refuse to pay the increase.
 
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