These are sometimes called Mortgage Exit Administration Fees (MEAFs) but also known as:
Deed Release Fees, Sealing Fees, Final Administration Fees, Discharge Fees, Final Redemption Fees
These 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 or when the mortgage is paid off.
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.
These fees are supposed to deal with legitimate expenses your mortgage company incurred such as releasing the deeds etc, however it is unfortunately the case that these fees have become yet another money making business for lenders at your expense.
AVERAGE CLAIM £200!
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