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What Are Mortgage Exit Fees?
If you take a mortgage out today but in a few years time want to remortgage
or pay it back in full. You'll be normally charged what's called an exit fee.
The fee is used to pay for general paperwork and administration and in the
past the amount charged has been fair. But, what is not fair is when upon
taking out a mortgage the exit fee in the contract says £150 but 2 years
later it's increased dramatically.
This is what's happening right now and many mortgage holders are seeing this
as a blatant example of the lenders profiteering. We agree because nobody
can argue effectively that costs have risen by several hundred percent in
just a few years. Of course the lenders deny the charges.
Secretly the lenders know they're playing a dirty game but they also know
that most clients either won't realise that the fee has been jacked up,
won't care or can't be bothered to do anything about it.
Money Advice can help you claim back the exit fee you have paid and we will
only charge you a fee, currently twenty five percent of the money recovered
if we win.
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