Mortgage exit fees to be paid back

Mortgage holders are set to receive a collective £200 million from lenders across the UK for charging consumers unfair fees.

The Financial Services Authority (FSA) has announced that many people have been overcharged exit fees by up to £200 over the past five years and as such they are now in line to get that money back from their lender.

Solicitors in Northern Ireland can expect to handle some cases of the 2.3 million homeowners who had been overcharged in exit fees, which occur when a person moves to a different mortgage lender.

The FSA had called on lenders across the UK to justify the high exit fees, which have risen from £50 to almost £300 in the past decade.

Therefore, anyone who has paid off their mortgage or remortgaged could be in line for a refund from their lender and as such many solicitors are expecting to see more people coming to them to find out their legal position on the matter.

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