Redemption Fee Question

lee4hannah

Me and my partner are desperate to get out of our mortgage and are willing to pay the redemption fee on a credit card in order to do it, is it ok to pay Abbey with another companies credit card in order to pay off the £4,500 redemption fee, will they let me do this?

VIGILANT22

It will be the solicitor who pays off the mortgage to the lender, are you rmtg to a new lender?

opinions4u

lee4hannah wrote: »

Me and my partner are desperate to get out of our mortgage and are willing to pay the redemption fee on a credit card in order to do it

Please can you be a little bit more specific about what you mean.

Are you remortgaging to a new lender?

Do you have cash to pay off the rest of the debt?

Why are you "desperate"? Please elaborate on the circumstances as there may be better ways of doing this.

is it ok to pay Abbey with another companies credit card in order to pay off the £4,500 redemption fee, will they let me do this?

Ask Abbey. Your card company may well charge you a cash advance fee and a higher rate of interest for this if it is accepted though.

lee4hannah

Sorry I was vague. We have a 1 bed flat worth currently 110,000 and we borrowed 106.000, currently we owe 109.000, the redemption fee is 4,500 but we dont have that sort of money.

We have a baby now and need space desperately. I cannot get lent more money to go up the property ladder to a 2 or 3 bedroom place and if I could, I wouldnt be able to afford the new mortgage each month as I just about can handle this one.
Im fixed in for 4 more years and 6.99% and Im paying £640 a month to be here and its way too small.
We would be much better off renting a 3 bedroom. My mortgage has been interest only since I started it 3 years ago, so its not as if its going anywhere.

Hope that helps with any advice.

VIGILANT22

You are going to need more than 4.5k..... You need to sell for at least 109k+Redemption+Estate Agents Fees+Solicitors Fees = Approx 116k.....

lee4hannah

VIGILANT22 wrote: »

You are going to need more than 4.5k..... You need to sell for at least 109k+Redemption+Estate Agents Fees+Solicitors Fees = Approx 116k.....

you are dead right with your calculations as I worked it out at the same.
However I have the other fees sorted. Its just the 4,500 I am short.
I was going to pay for it with an american express, but ive found out american express are different to other cards. How exactly?
Also I have a abbey zero card, would I be able to balance transfer from american express the 4.500 to abbey zero and grab myself the 0% for however long it is at the moment?
Can you be refused a balance transfer as such? Id like to know before I go sticking 4.500 on a card, the 0% interest from a balance transfer would help in paying this off dramatically.

Can anyone answer all the questions for me please?
Thankyou guys.