Mortgage Fees/Charges

A question about : Mortgage Fees/Charges

Hi

Does anyone know if the practice of attempting to regain fees charged (when a mortgage is taken out) an arrangement fee is available?

I have been contacted by a finance company who say that they could get me back all arrangements fees and other fees paid on my mortgages. Having changed mortgage product a number of times over the years (to get a better interest rate) then I would have paid a fee each time. Can I get this back now?

Best answers:

• Highly unlikely.
  Does this firm want upfront money from you to do this?
• Product, admin, arrangement, valuation and legal fees are all legitimate costs in the mortgage process and are likely to have been properly disclosed and reflected in quotations and the mortgage offer.
  It is very difficult to prove any of these fees were improperly charged and there is no automatic right to a refund because they were applied.
  If you believe you have a legitimate issue, look back through the sales documentation, such as key facts illustration, offer and suitability letter and establish why something was done the way it was.
  For example, was a fee added to the loan? If so, is it documented that it was, the reason for that and the payment of interest on it covered?
  If not, that may be grounds for complaint to the firm which provided the advice. You do not need to pay a third party.
• Ironically, the initial arrangement charges the OP would have been charged are almost certainly less than the Ј2000 the CMC wants. Yet the CMC seems to think its initial arrangement charge is fair but somehow a mortgage isnt.
  The mortgage is operated in a highly regulated environment with all mortgages taken out since October 2004 having a key features illustration with content defined by the regulator that requires all fees to be disclosed in there in large print, early in the document. If its in there, then its fair.
  The CMC on the other hand can be set up in about 2 weeks (you can set yourself up a CMC. its requires no knowledge, qualifications or anything of note). They can cold call people to their hearts content telling lies and taking fees off people with little worry about any comeback. By the time a company does eventually come to the attention of the ministry of justice, they just close it down and the company starts up again under a new name. All those paying up front fees just lost their money as the new company is not responsible for the old one.
• Thanks for advice i had a call from a company called the full financial last week they wanted Ј1,413 up front said i was due Ј6,600 i thought it was a con and said no glad i did and I'm glad i looked on here before making a fool of myself
• 'By the time a company does eventually come to the attention of the ministry of justice, they just close it down and the company starts up again under a new name. All those paying up front fees just lost their money as the new company is not responsible for the old one'.
  So just like a lot of IFA's over recent years leaving behind the responsibility for any advice given but keeping the trail commission
• I'm not a troll I'm an alternative voice. Hundreds of IFA's closed and Phoenixed during the endowment review. I thought you were more open minded than that.
  For the record, I have never supported any company that charges up front fees.
  DoTW
• I was drawing a comparison between companies charging fees and leaving without doing anything and IFAs who took trail commission but accepted no responsibility for their advice
  and you obviously forgot my signature from my postings during the endowment threads many years ago
  DoTW
• I recognise those initials now. Certainly not someone I would call a troll. I just found it strange to bring that up on this thread when you did and thought you were trying to troll me. You may recall that was a common thing some people would do from time to time!