Mortgage Companies - (non boatie rant)

[Deleted member 478]

Yesterday I asked my mortgage lender for a quote for a settlement figure on a mortgage. Postman Pat delivered said quote this morning and the early redemption penalty is 5% of the oustanding value of the mortgage PLUS an admin charge of £150. As the clock strikes 9:00, I will be on the phone to this very well known high street bank asking them if perhaps they have made an enormous error. If they have not, I will name and shame them.

<hr width=100% size=1><A target="_blank" HREF=http://www.stingo.co.uk>http://www.stingo.co.uk</A> <font color=blue>- still showing at a computer near you</font color=blue>

 

[steve_cronin]

Many companies offering deals have an early repayment penalty of 5% of the amount to be redeemed. Most however operate a "6 months interest at their BVR" penalty. Usually though only within a defined "Early Redemption Penalty Period" If you've had a discounted, fixed or capped period end recently or are still within one then all they are doing is exercising their rights as clearly set out in the original offer of advance to you. If you were not made aware of the terms, you may, dependant upon when the deal was done, be able to raise a complaint under the Mortgage Code.

Send me a PM with the details and I will be more specific.

Steve Cronin

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