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• Types of Mortgage
• Mortgage Exit Administration Fee

What is a Mortgage Exit Administration Fee?

A Mortgage Exit Administration Fee (MEAF) is one of those charges tucked away in the small print of your mortgage contract. They are an administration charge, put in place to cover any admin costs your mortgage lender incurs on completion of a mortgage. Even though you pay a fee to set up a mortgage, you will inevitably find you also pay a fee to finalise a mortgage too, once it has been paid in full, no matter how many or how few years you have had the existing mortgage for.

Whilst it was never an issue previously, it is becoming more common. It's an ever increasing bid for lenders to earn more money on mortgage services, because the competition in this field gets more and more competitive. We are also seeing an increase as more and more people are switching lenders and transferring their mortgage every few years to benefit from cheaper interest rates.

Even if you stick with the same mortgage lender throughout the lifetime of the mortgage, you may find you are charged much more than what was in your initial contract. For example, if Mr Swann had taken out a mortgage in 1995, he may have had an exit fee of £50, whereas if he completed his mortgage now, it could well have raised to £250 without him being aware of this increase.

Charges to exit a mortgage are being called a number of different names, possibly in an attempt to disguise what the actually are. They may be referred to as an administration charge, a deed release fee or exit fees.

Many lenders have now dropped or reduced their Mortgage Exit Fees, but beware of other charges that may have increased, to cover the costs of free legal or valuation fees, cashback and other incentives. Ensure you find out before taking out a mortgage exactly what you will be charged to set up, during and at the end of a mortgage.

It is not uncommon to be charged £250-£350 for a mortgage exit, however it is unlikely to cost the lender more than £50 in administration fees to end a mortgage contract.

Early Redemption Charges are a different matter and shouldn't be confused with MEAF's. These are fees your lender may charge if you change or pay off the full amount, before the end of a specific special offer. For example if you have a fixed rate mortgage deal over 2 years but change or pay if off within 18 months.

Mortgage Exit fees are a bit of an anomaly as your mortgage lender can effectively charge what they want and change the cost of the exit fee within the lifetime of the mortgage itself. However mortgage lenders are being asked to be transparent about their mortgage exit fees, as well as being able to justify what they actually charge, after a recent warning by the FSA urging lenders that mortgage exit fee increases must reflect an increase in proportion to other general cost increases.