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Bank charge £10.00 every time I pay mortgage capital...
danisam
Posts: 3 Newbie
I have an “interest only” mortgage with Lloyds TSB…. Now that the Bank of England base rate has dropped so much, my mortgage has come down a lot – this is great. I am now able to finally pay off some off some of the capital.
Every time I send them a cheque with an additional payment (it is not that much and is well within the amount I am allowed to pay off per year without being penalised)... they charge me a £10.00 "admin" fee for the pleasure of banking the cheque.
I am in a catch 22 situation as obviously if I wait a few months and send one cheque - I would only pay one £10.00 fee, but I would lose more in interest to hang fire.
Do you think this falls under the "unfair" bank charges category? I think £5 absolute max would be acceptable.... It wouldn't take more than 5 minutes to process the cheque and even then the bank teller would have to work rather slowly.
Help!
Every time I send them a cheque with an additional payment (it is not that much and is well within the amount I am allowed to pay off per year without being penalised)... they charge me a £10.00 "admin" fee for the pleasure of banking the cheque.
I am in a catch 22 situation as obviously if I wait a few months and send one cheque - I would only pay one £10.00 fee, but I would lose more in interest to hang fire.
Do you think this falls under the "unfair" bank charges category? I think £5 absolute max would be acceptable.... It wouldn't take more than 5 minutes to process the cheque and even then the bank teller would have to work rather slowly.
Help!
0
Comments
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Could you ask if the charge would not apply if for example you made the payment through internet banking?0
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Its not for the cheque per se, i believe its for processing the payment in general, but will deff check in whether that would make a difference!0
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