mortgage redemption value

mrp_67

Hi all, our fixed rate mortgage deal runs out in march 09.

I called the building society and asked for a redemtion figure for march 09. However, I was informed that the society cannot forecst that far ahead.

I find this hard to believe, as I have a fixed rate morgage and am paying a fixed morgage payment every month, so why can't they give me this figure?

What can I say for them to give me this figure?

Thanks in advance.

Martin

koexelek

They won't give you an official redemption figure that far in advance.

Any official redemption statement is usually only valid for a maximum of a month.

You could ask them for an estimate of what they think you will owe then.
Failing that, if you arranged the mortgage via a broker, they should be able to give you a rough idea.

dunstonh

They are correct. Its quite possible they dont even have the software available to calculate it even if they were willing to do it.

There is no reason for anyone to want a figure that far ahead so there is no reason to create software that will do it.

BonBon_3

Martin, koexelek is right. I had the same problem so as a work around I simply asked them to provide me with the current redemption figure and worked on that (actually there was little difference). That gave me a good basis to go on.
Good luck.