Redemption fee blues

PeteIvy

Hi all

OK I'll try and keep this short

We have a mortgage with Northern Rock. 7 year fixed rate. Mortgage taken out on the 19th July 2003.

We put our house on the market in Aug of last year and accepted an offer in January. Sold to a teacher who wanted to ideally work her year out so was happy to move in the summer holdays. She requested a completion date of 26th July (but earlier if possible) As the start date of our mortgage was 19th, we figured it would be ok and we agreed.

We then find a place and get everything set up for that. It was at this point we checked the contract for the NR mortgage and it said we would have to pay redemption fee if mortgage is paid off before August 1st 2010. Have written to Northern rock and they aren't interested and say that we will have to pay the £2300.

We asked if the person buying our place could put the date back slightly, but they set their mortgage up as soon as we accepted their offer and her mortgage application will not stand after the 28th July as it would have been set up over 6 months ago.

Any of you nice people able to help me out?? We don't really want to have to pay the redemption fee for the sake of just a few days.

Can any of you nice people help us out?

TIA

Pete

dunstonh

e asked if the person buying our place could put the date back slightly, but they set their mortgage up as soon as we accepted their offer and her mortgage application will not stand after the 28th July as it would have been set up over 6 months ago.

The offer letters are valid for 6 months but that doesnt stop a new one being issued. The deal she is buying may have an expiry date of 28th July but the banks normally allow a move to the new deal. Often without cost.

We don't really want to have to pay the redemption fee for the sake of just a few days.

You are reliant on the goodwill of the bank.