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mortgage exit fees
Mortgage Exit Administration Fees (also known as Deed Release Fees, Sealing Fees, Final Administration Fees, Discharge Fees, Final Redemption Fees) are the fees you paid to end your mortgage contract. This may happen when you switch at the end of a fixed interest rate period for example or when the whole mortgage is paid off. These fees are supposed to deal with the “legitimate expenses” your mortgage company has incurred for you to repay/move your mortgage however most lenders are charging unjustifiable amounts which go unnoticed to many customers.
How do I know if I have been charged this fee?
Lenders should either charge no fee, or the original fee in the contract if that can be justified. Even agreed fees should only deal with actual expenses incurred such as deed release fees, land registry charges, staff processing costs and a reasonable proportion of general overheads.
The average claim for a MEAF is £150-£300 and is not to be mistaken for an early exit redemption fee which usually ranges in the £000’s. This type of claim is very simple to reclaim and will not require a Court claim.
If you feel you have a claim or if you are unsure whether you have been charged this fee all you need to do is contact us or fill in the online form and we'll do the rest.
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