Limiting fine when switching mortgages

Finally, the time had come: The penalties for the transfer of a mortgage were considerably reduced last year. However, banks do not have to apply the new rules regarding the level of the fines with retroactive effect. That is what we writes today.

Higher penalty returns from last year can not be recovered

The amount that banks may charge to consumers has been considerably reduced since July 2016. However, these new penalty rules do not apply to fines collected before that time. For example, a consumer submitted a dispute with his bank to the Gandalf. This is the disputes committee Klachteninstituut Financiële Dienstverlening. This consumer paid off his mortgage just before the new penalty rules went into effect. In June 2016, namely. He had to pay a fine for that.

Claim rejected by the disputes committee

However, the Disputes Committee rejected his claim, as the newest rules regarding the penalty interest only came into force on July 14, 2016. However, did you transfer your mortgage to another provider on or after July 14, 2016? Then you had to pay considerably less penalty interest.

Banks ask for years too high fees for mortgage transfer

Various organizations such as ‘Transfer Claim’ dispute the interpretation of the complaints committee Complaints Institute Financial Services. They believe that banks have been asking for far too high fees for the transfer of mortgages for years. Is that also your opinion? Then contact this claim organization. They collect as much information as possible from ‘victims’. They try to start a collective claim procedure against the banks. Incidentally, you can never appeal against the statements of the Gandalf. Only parties / organizations have the opportunity to submit a dispute with the Gandalf to the court.

Penalty interest calculation mortgages in 2017

Do you want to break open your current mortgage contract ? And will the end of the fixed-rate period be delayed? The costs are usually higher than the interest benefit. You can make a penalty interest calculation on various websites. To do so, you must enter your original mortgage sum, the outstanding mortgage balance and the end date of the fixed-rate period. You also fill in the percentage you can redeem without penalty and at what mortgage interest you now borrow. Also enter the new mortgage interest that your new mortgage provider charges.