Pay back capstne mortage or not?

themanwittheblackhat

OK Hello

So we had offer on our house. We have a remortgage with SPML cap*stone as colletion agents I believe.

I the mortgage owner was wondering anyone had to pay back redemption charges to them when they paid the mortgage off around 130 thousand pounds? and what this charge was?

Wondering if I sell the house then could I keep the mortgage open which would be cheaper or have to fully close it as I sold my only equity being my house?

Thanks
P.S Actually forgot the redemption charges time of three years is up so what would be any other total charges to close our mortgage or maybe as I say keep it open at fifty pounds balance if that is possible?

_Andy_

you can't keep the mortgage open as you are selling.
Contact the lender and they will confirm any exit fees etc.

themanwittheblackhat

_Andy_ wrote: »

you can't keep the mortgage open as you are selling.
Contact the lender and they will confirm any exit fees etc.

They want to charge me £35 for that via a letter

themanwittheblackhat

Thing is I need some idea to calculate what I need to accept for my house sale as I have to pay things and have whats eft over to move somewhere else

RufusA

themanwittheblackhat wrote: »

Thing is I need some idea to calculate what I need to accept for my house sale as I have to pay things and have whats eft over to move somewhere else

Looking at Capstone's charges sheet:

http://www.capstonemortgageservices.co.uk/capstone/pdfs/Tariffs/74482_SPML_Charges_9.pdf

You'll need to pay £35 for a Redemption Statement (for your solicitor), £190 Final Repayment Charge and possibly a £65 Deeds Release fee.

Then there may be early repayment charges and penalties depending on what product you are on, and if there has been any history of missed payments. Look closely at the original mortgage documentation (i.e. the KFI) to see if these are covered here, and any changes to them in annual mortgage statements.

HTH - Rufus.

themanwittheblackhat

Thanks so much :beer:
My three year repayment charges have ended its over three years now

RufusA wrote: »

Looking at Capstone's charges sheet:



You'll need to pay £35 for a Redemption Statement (for your solicitor), £190 Final Repayment Charge and possibly a £65 Deeds Release fee.

Then there may be early repayment charges and penalties depending on what product you are on, and if there has been any history of missed payments. Look closely at the original mortgage documentation (i.e. the KFI) to see if these are covered here, and any changes to them in annual mortgage statements.

HTH - Rufus.

Simon_gloster

Your question is answered. If you had an ERC's woth SPML it would have been 6% of teh OS balance. As that has expired you will only be liable for the fees above.

themanwittheblackhat

The house has been sold now and after paying the remortgage back and splitting with my brother the rest we will have 32 thousand odd pounds each.

So wondered if SPML (Capstone) will let us pay 100 thousand back and change the remortgage interest only so we can buy a new 2 bed flat?

We would rent that out . I must say I am still unemployed but my brother is working but has a CCJ
OR maybe ther eis a better mortgage option we can change to?
Thanks

scrounger_2

Steer clear of anthing to do with Capstone altogether,get out and stay out. Good luck with it all.

themanwittheblackhat

My brother told me now he has some debt he had and he put it on the house and seven thousand pounds will be take from the house sale if we put the papers in

Anyone can think how to avoid this please?

BargainGalore

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