Gain £100 from your old mortgage lender in a phone call.

Martin Lewis, moneysavingexpert.com.

I saw a welcome stampede to get cashback from mortgage lenders last week. Normally I don't like having my inbox swamped, yet this was a welcome triumph.  It's all to do with to mortgage exit fees. I did my usual weekly slot on LK-Today (the post 9pm part of GMTV) about the fact that ...

with one phone call or letter anyone who's switched lender or paid off their mortgage in the last five years can reclaim roughly £100 - £150 of their exit fees.  The great joy of this compared with Bank Charges Reclaiming is that you're not threatening anyone.  The FSA has effectively told lenders that if they can't justify increases in the exit fee; they should give the difference between what was in people's contract and what they were actually charged.

What was shocking about LK Today was how many people did it; looking at the stats around 20,000 people had a go alone, so that's roughly a couple of million quid back from the mortgage lenders.   I think the sheer ease of the process was what attracted everyone.  It's a no brainer; if you haven't done it, join Lorraine Kelly's mob, take a quick peek at my Mortgage Fee Reclaiming article and get your cash back.

Comments

[Jane Ellison]

Funnily enough I watched you doing that programme (I don't normally watch LK I promise!). I have switched three mortgage providers over the last few years, so thought I'd give it a go.

I'm getting £120 back from the first, which was great, didn't do as well on the older ones just £50 and £30. Yet over £200 in total, which was wonderful. Thank you very much.

Jane