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Early redemption charges - Mortgage
Lucyloo
Posts: 5 Forumite
Hi,
I'm hoping someone can help clarify this for me!
I paid off a mortgage in 2005, just under 3 years from when it was taken out, and was charged a 6% early redemption penalty, which totalled approx £10k! I hadn't expected to sell so soon when I took the mortgage out, so it didn't seem massively important, but circumstances changed etc.
I challenged them about this, as the original mortgage product details had the penalty listed as 6% Year 1, 4% Year 2, 2% Year 3, but they had apparently added an extra term into my contract.
I realise that the charge is legal if it is spelt out in my contract, but is this something which I can claim back the 4% difference from if they are not able to provide me with my CCA, even though the mortgage (and penalty) was paid in 2005?
Thank you in advance for any help!
I'm hoping someone can help clarify this for me!
I paid off a mortgage in 2005, just under 3 years from when it was taken out, and was charged a 6% early redemption penalty, which totalled approx £10k! I hadn't expected to sell so soon when I took the mortgage out, so it didn't seem massively important, but circumstances changed etc.
I challenged them about this, as the original mortgage product details had the penalty listed as 6% Year 1, 4% Year 2, 2% Year 3, but they had apparently added an extra term into my contract.
I realise that the charge is legal if it is spelt out in my contract, but is this something which I can claim back the 4% difference from if they are not able to provide me with my CCA, even though the mortgage (and penalty) was paid in 2005?
Thank you in advance for any help!
0
Comments
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As you say, the charge is legal and its also fair. They dont have to provide you the agreement (assume you mean agreement when you use CCA)I realise that the charge is legal if it is spelt out in my contract, but is this something which I can claim back the 4% difference from if they are not able to provide me with my CCA, even though the mortgage (and penalty) was paid in 2005?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you - thought it was worth a try!0
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