Thread: MY MORTGAGE COMPANY FEES - LONDON MORTGAGE COMPANY

Recently,I could not pay my regular monthly mortgage payment on the due by date - 11st of the month.(I have never had mortgage arrears in the past)This ended with the bank bouncing the amount twice.However I managed to pay the full amount about 3 weeks later.

So the mortgage company has requested that I pay 2x £20
= £40in bounced fees plus £47 for a "cancelled" debt advisor visit (as I paid the amount in full prior to the visit) plus £2.22 interest on these 2 amount to be collected
on the first of next month = £89.22 with my regular mortgage payment.

Has anybody had a similar experience?

I gonna get started with my first letter to the company taken the library on the site!

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Good on you. Keep us posted. Who is your mortgage provider?

Hello richardc!

Thanks for wishing me well!

In answer to your question:

London mortgage Company - LMC.

The direct debit is in the favour of Matlock Bank for whatever reason.

Hi all!

Caro in answer to question:


The charges were only as outlined in my previous post.

Caro,bother IS NOT the word!

You have to be more careful if you are still dealing with the same company - as
I am with London mortgage Company.

This is why:

1.It is a very ruthless company with no mercy if you fall one second behind with mortgage payments.

2.Also,when I needed to use the house as security to borrow against it from another company as a second charge loan - they refused why?Because they put the unlawful fees as arrears on the account!!!!
I had never had any arrears whatsoever prior to this.

3.Also,there is another seperate issue London Mortgage Company has very recently been taken over by South Pacific.Also,I had mortgage with Southeren Pacific and when I redeemed the mortgage the penalty was over £4,000 which I would like to get my hands on before persuing the almost £90.
---------------------------------------------------------------------
Also,

a.I have recently sent off a letter to a previous mortgage company requesting a redemptions penalty refund which hopefully is around the £4,000 mark.

b.Cards etc I am either still counting penalty fees,disputing with DCAs or waiting for DPA responses.


So Caro as you can see,

I am also like a dog with a bone and probably even worse!!!

Originally Posted by caro

So I take it you haven't bothered then? I'm afraid I'm like a dog with a bone on the whole charges thing after the years of torment from the banks etc. I would try to get anything back. Maybe I'm just a saddo.

You think you're sad? Imagine what it's like for a moderator!

Originally Posted by Nightmare4banks

Caro,bother IS NOT the word!

You have to be more careful if you are still dealing with the same company - as
I am with London mortgage Company.

This is why:

1.It is a very ruthless company with no mercy if you fall one second behind with mortgage payments.

2.Also,when I needed to use the house as security to borrow against it from another company as a second charge loan - they refused why?Because they put the unlawful fees as arrears on the account!!!!
I had never had any arrears whatsoever prior to this.

3.Also,there is another seperate issue London Mortgage Company has very recently been taken over by South Pacific.Also,I had mortgage with Southeren Pacific and when I redeemed the mortgage the penalty was over £4,000 which I would like to get my hands on before persuing the almost £90.
---------------------------------------------------------------------
Also,

a.I have recently sent off a letter to a previous mortgage company requesting a redemptions penalty refund which hopefully is around the £4,000 mark.

b.Cards etc I am either still counting penalty fees,disputing with DCAs or waiting for DPA responses.


So Caro as you can see,

I am also like a dog with a bone and probably even worse!!!

Just to be clear, are both your current and old mortgages effectively with SPML?

Hi all!

Seminole,in reply to your question:

Yes,but a mortgage on a different property.

When I first took out the current mortgage,it was with London Mortgage Company a part of Matlock Bank and nothing to do with SPML.

This company is now trading under SPML - which leads me to believe it has been taken over as I was informed about this very recently.

On the positive side,it is a very flexible company with its lending criteria.

Caro,yes timing is VERY crucial!

LMC (London mortgage Company) was recently acquired by Lehman Bros, who also own Southern Pacific Mortgages Ltd (SPML), Southern Pacific Personal Loans (SPPL), and Preferred Mortgages. At present each company is trading separately and will retain the brands for the time being, although Preferred Mortgages are due to vacate theitr offices in Haywards Heath at the end of this year and move in with SPML in Broadgate.

LMC have a particularly strict set of rules that they apply when granting "consent" to a 2nd charge. In common with most "sub prime" lenders, they place a "restriction" at the Land Registry which obliges anyone wishing to place a charge behind their existing first charge to effectively get their permission. LMC usually require that the last 6 months contractual mortgage payments have been made, in full, on time, and by DDM. They will also check any proposed 2nd charge lending still fits their own equity and income criteria. Any variation from this will generally lead to them declining to give consent.

The bottom line is with LMC is dont get into arrears, as your options are limited to negotiating with LMC to set up a payment plan to clear the arrears, finding the funds from your own resources, remortgaging (with an average of a 6% ERC + all their add on charges) or finding a second charge lender who will ignore the consent restriction and place an "equitable charge" behind LMC

So, just to be clear what happens if a court grants a charging order over the peoperty. I assume this must be an equitable charge or does it lead to a default on the loan?