GE MONEY - Need some advice pls

[anon2]

Hi all

 

I have done a search, but cant find a definitive answer.

 

I got a mortgage earlier this year with above named. The charged me approx £3K in arrangement fees. Time was running out (right to buy) so I agreed and they put these fees on to my mortgage.

 

Can I claim these fees back?

 

They are listed as;

 

APS mortgages Ltd £2745

GE Money £ 25

Processing & Comletion £ 750

 

 

Many Thanks

 

Andrew

[anon2]

bump!

[paulpb123]

Hi Andrew,

Sorry you've been ignored! Someone with more knowledge than me should be able to help soon. It depends what those charges were for. The £25 sounds like a penalty for a missed payment. More to the point, what is the explanation for the APS Mortgages £2745? A bit more detail about that one would help.

Regards,

Paul

[anon2]

They are all arrangement fees.

[paulpb123]

Blimey, they must have done a lot of 'arranging'. I don't know if you can reclaim these but they seem excessive. Zoot will know. All the best,

Paul

[anon2]

Thanks Paul.

[Guest peed orf]

Did you deal directly with GE, or were you aware of a broker. APS Mortgages have a registered address in Swindon Wiltshire.

[zootscoot]

Unfortunately they are not related to a breach of contract and are therefore a charge (a very expensive charge) for a service. Therefore you can not recover.

 

The only way around this would be if they had not specified the amount of the charge in the contract in which case s.15 of the Supply of Goods and Services Act provides that they can only charge a reasonable fee.

[daisy lighter]

Getting Finance with Mortgage Arrears from APS Mortgages

 

APS are brokers.

They advertise on T.V usually on sky channels in between the kids shows.

 

On the site they state that they charge a completion fee typically £2092.

 

It would be interesting to know which paperwork you are taking the fee discriptions from as on the original quote and offer letter the fees should clearly show who was getting these fees and what they were for.

 

Completion fees are common from large brokers, in reality they are a service fee from APS for finding you a lender and processing your application.(they have to pay for their advertizing!)

 

Did you have to pay for your own valuation & legal or did APS cover all/part of the cost?

[HAIRYLADDER]

Hi andrew

 

First point, if this is your real name you shouldn't use it. The reason is that lenders regularly review these sites and if you get to a stage where you are challenging the charges added to your mortgage you may give something away that you didn't intend to

 

This is a long shot and something I know the FSA are not too keen on getting involved in. MCOB 12 (this is the part of the FSA Handbook that deals with excessive charges) and Principle 6 (A firm must pay due regard to the interests of its customers and treat them fairly)of the Principles for Businesses may also help, although unlikely). Although this would not be a legal matter in terms of a breach of contract and the various bits of legislation that are often mentioned on here it may be the only angle open and therefore worth a try. MCOB 12 clearly states that lenders cannot allow their mortgages (I am assuming that your mortgage is regulated by the FSA) to be used to impose an excessive charge. I would need to see the documentation that you received when being advised/having the mortgage arranged to really take this further. Does anybody know how I can get this info in confidence?