Mortgage loan lenders tapped because of oversubscription penalties

Did you transfer your mortgage loan after 14 July 2016 and have to pay a hefty fine for this? Then there is a good chance that the mortgage loan lender will pay a part of this to you. Supervisor AFM has determined this after an investigation into the calculation of transfer penalties.

Households are the victim of wrong calculation

Due to the extremely low mortgage loan rates of recent months, many homeowners have traded their old mortgage loan with high interest rates for a much lower interest rate. mortgage loan providers may charge fees for missed earnings. How the mortgage loan lenders calculated this transfer penalty was always a mystery and this happened in different ways. As a result, homeowners paid hundreds of euros too much on the transfer fine.

New guideline with retroactive effect

Since 14 July 2016, a new European directive stipulates that banks and providers can only pass on their actual financial loss. The AFM recently published the way in which mortgage loan lenders should do this. The new calculation method applies retroactively from last summer. The AFM has determined that mortgage loan lenders will have to recalculate all redemption penalties from 14 July 2016 and have to reimburse them if necessary.

More than 5 million overpaid for transfer penalties

The large banks in the Netherlands such as ABN Amro and Rabobank both expect to pay a total of around € 5 million to customers who have paid a transfer fee since July 14, 2016. The ING and de Volksbank also agree to have to recalculate the costs of the transfer.