In today’s world it seems as if nothing comes without an extra charge applied. From sales tax to bank service charges, you spend a lot of extra money, most of which you can never get back. There are some situations, however, in which you can get back the money you spend on these extra charges – it is possible to reclaim your mortgage exit administration fee (MEAF) if you have switched or repaid your mortgage within the last year.

In recent years, MEAF costs have increased from an average around £60 to costing as much as £300. In order to stay competitive with the market, many lenders have increased their fees and, because of a clause in many lending contracts, they are able to do so without the borrower’s consent.

Reclaiming your MEAF can be surprisingly easy, in many cases all that is required is a simple phone call. Many companies are currently offering refunds for the difference between the actual cost and the MEAF amount stated in the original contract. Simply call your lender and tell them you would like to reclaim your old mortgage exit fee. Even if you do not have the details of how much you were charged versus what your contract stated you should be able to receive a refund. If asked for the reason for your call, simply tell your lender that the regulator, the FSA says you were overcharged. Do not settle for paying the extra charges your lender tries to stick you with and then looking for payday loans to pay it back – become aware of your rights and reclaim the money that is owed to you from your MEAF.

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