Bradford & Bingley - Redemption Penalty?

jon_boy75

jon_boy75 wrote: »

Cotinuing this subject, I think we have a good case, but i could be wrong. We had a mortage with Mortgage Express, underwritten by Bradford&Bingley. Its been fixed for 3 years, ending December 31st 2008. We've made the final payment on December 1st, which takes us to the end of the fixed term. Sold the flat, exchanged contracts and now moved out. We just found out they took the redemption fee anyway, about £6000.
We exchanged on December 22nd, as it was impossible to arrange transfer on December 31st or around that date. The lender said that we were still liable for the penalty despite having made the final payment. They said it wasnt about the money, but the Terms & Conditions! So, the Terms & Conditions do indeed state that if we repay the mortgage before Dec 31st, we MIGHT be liable for the fee.
Yes, I know, some might say that its all about the terms & conditions and there's nothing I can do. But I'm asking for common sense to prevail here. According to their system, the customer is forced into the Standard Variable Rate. I know its quite cheap now, given the economy, but we just thought we would get to the end of the term and move out.
Using the bank charges argument, I'm certain this is 'unfair and excessive' whether its in the T&C or not. I guess I'm just asking for advice, or if anyone has encountered the same or similar problems?
We have put this in writing and will see if we get someone with some humanity and a sense of fairness! I think B&B are now Government owned?? If I remember rightly. Anyway, let's see what happens. That's our deposit for a house, so fingers crossed.

Merry Xmas y'all!
Jon

a very delayed update to this...we got the full redemption fee back after sending a letter.