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high percentage loan fee
in 1989 i took out a �37500 endowment mortgage which attracted a �586.25 loan fee (added to the mortgage). in 1999 i changed mortgage lender, borrowing �38000 , this attracted a loan fee of �600 also added to the mortgage in 2003 it was deemed that i was missold the endowment and the mortgage made to a repayment, with �13248 payed off the amount owed, this means that in 1999 i would have borrowed around 70% of the total loan therefore the loan fee should not have applied, should i have payed twice anyway i.e transferable loan between lenders what can be done to get the �600 back
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It all looks above board and standard practice to me. The fees are to the lenders for the administration of your account. The only possible casue for redress is if the loan fees were calculated as a percentage of the loan. In this case a lower loan may have been required and the percentage fee would have been calculated on a lower figure. I don't see you getting anywhere with this.
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