I am repaying my Halifax mortgage this week. Halifax want a £115 Repayment Administration Fee and a £50 fee for sending the title deeds to me.
I took the mortgage out in May 2001. I am not in any special fixed rate or discounted deal.
Are these fees something new? Can I challenge them?
In message , DD writes
It should be listed in their terms and conditions costs somewhere or other, in theory it is their legal cost for removing the mortgage deed from the title deeds and the admin cost of sending you the deeds (which are getting less and less essential with land registry records and computers and things)
What some people do is leave a small balance outstanding, so that in effect the interest due is a deeds storage fee.
I took the mortgage out in May 2001. I am not in any special fixed rate or discounted deal.
Are these fees something new? Can I challenge them?
They are not new but should have been told you in your mortgage offer. Virtually all lenders make similar charges, sometimes a lot more. These are not early repayment charges. They happen at any time you pay off your mortgage.
Rob Graham
Certain charges were introduced and revised last year by the Halifax - they enclosed a new document with these charges with the annual mortgage statement. It looks like you missed them - like I did at the time.
They are nothing new, 165 middle of the road, some charge more.
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