Has the bank ripped you off?

If you have switched mortgage lender or repaid the outstanding balance in the last five years, it is very likely that you were overcharged.

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A mortgage exit fee is imposed when you choose to close a mortgage account and ultimately switch to a new lender to cover the administration, which should cost an average of £50.

However, the fees being imposed have been rising, meaning that homeowners are now being charged up to £200.

The Financial Services Authority (FSA) recently clamped down on these unfair charges and Banks and Building Societies have since been slashing their exit fees, opening the doors to millions of mortgage customers to reclaim overpayments of between £100 and £200.

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How to reclaim

Reclaiming your money couldn’t be simpler. Since the FSA’s decision most of the major lenders have been offering customers a refund of the difference between what the contract stated the MEAF would be and the actual charge.

And even if you don’t have your original contract that states what fees are applicable to you, a quick phone call to your lender will sort it out, at which point you can question why they have overcharged you and reclaim the difference.

Remember: If you don’t ask, you don’t get!