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Mortgage early repayment penalty

frantob
frantob Posts: 1 Newbie
in House buying, renting & selling
My mortgage company Abbey,want over £2000 for a penalty payment,when i pay up my outstanding balance,is this too much,do i have to pay so much,can i get this reduced,ect,ect.

Comments

  • Beardmidget
    Beardmidget Posts: 156 Forumite
    What, precisely, are the details of your mortgage?

    Date Started:
    Deal Taken: (e.g. 3 yr tracker)
    Present rate:
    Present rate calculation: (e.g. BOE base rate +3%)
    Amount owed:
    Remaining period:
    Monthly payment:
    Monthly interest: (so if paying £900pm, perhaps £600 of that is interest)
  • cattie
    cattie Posts: 8,844 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Yes you have to pay. It's a condition of the mortgage that you signed for when accepting the mortgage offer.

    If you didn't want to pay early redemption charges you should have chosen a different mortgage product.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    frantob wrote: »
    My mortgage company Abbey,want over £2000 for a penalty payment,when i pay up my outstanding balance,is this too much,do i have to pay so much,can i get this reduced,ect,ect.

    It's what you agreed to when you took the mortgage out, it was clearly on your KFI and mortgage offer.
This discussion has been closed.
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