Articles > How To Reclaim Exit Fees
(16 Sep 2007)
Exit fees are charged as a final administration fee when switching from one lender to another. They are sometimes also referred to as Sealing fees or Final Repayment fees. Exit fees are not to be confused with an Early Redemption Penalty, which penalises you if you break your contract with your lender early.
You now have the opportunity to claim some or all of this amount back, saving you perhaps hundreds of pounds.
Why? Many lenders have raised their fees in recent years and have been unable to justify the increases. Also, the amount the lender charged you may be different than what they initially quoted you for.
In January 2007, the FSA announced that if "past customers have paid a higher fee they can expect a refund of the difference". Obviously this is good news, but how do you claim this back?
A simple call or letter will normally do the trick.
For contact information, go to the money saving expert website at www.moneysavingexpert.com/reclaim/mortgage-fees. Contact information is part way down the page. If you found this article interesting or useful please share it with others!