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Redemption Statement Cost
Diver2
Posts: 90 Forumite
Hello all - after a little advice.
I am came off a three year fixed in the middle of last year and was in the process remortgaging.
As part of that process, my (to be) new lender requested a couple of redemption statements from my existing Lender, who then sent me a letter stating the first redemption statement was free , but after that there was a charge of £10 for each redemption statement.
That remortgage never completed, and I am again trying to move lender this year, and again am having to pay for a couple of redemption statements.
Givent that this redemption statement cost was not in place at the time of taking out the mortage, nor is it listed in the key facts or mortgage offer - should I really have to pay it? I was thinking about writing to the Lender, as it would seem unfair to me that they've imposed an additional charge after contract/cost agreement.
£40 isn't great amout in the scheme of things, but better in my pocket than theirs (they've had plenty from my pocket within a high SVR recently).
What do you folks think? Worth a letter? Any advice on pertinant comments to make?
Thanks in advance.
Diver2
I am came off a three year fixed in the middle of last year and was in the process remortgaging.
As part of that process, my (to be) new lender requested a couple of redemption statements from my existing Lender, who then sent me a letter stating the first redemption statement was free , but after that there was a charge of £10 for each redemption statement.
That remortgage never completed, and I am again trying to move lender this year, and again am having to pay for a couple of redemption statements.
Givent that this redemption statement cost was not in place at the time of taking out the mortage, nor is it listed in the key facts or mortgage offer - should I really have to pay it? I was thinking about writing to the Lender, as it would seem unfair to me that they've imposed an additional charge after contract/cost agreement.
£40 isn't great amout in the scheme of things, but better in my pocket than theirs (they've had plenty from my pocket within a high SVR recently).
What do you folks think? Worth a letter? Any advice on pertinant comments to make?
Thanks in advance.
Diver2
0
Comments
-
It's a fee so people don;t request loads of redemption statements I suppose, they issued the first one for free which is all they are obliged to do (you have had the information) and are requesting money for the duplicates.
When you got the mortgage did you not get a book of small print with such charges listed in it?
R0 -
Thanks Jockosjungle.
The fee wasn't in place in 2006 when I took out the mortagage. The letter I recieved was quite clear about it being a new charge being introduced in 2009.
I suppose I would expect redemption statement costs to be covered by the £150 I have to pay to redeam the mortgage, which was detailed in the key fact etc when I took the mortgage out in 2006.
Diver20 -
The fee wasn't in place in 2006 when I took out the mortagage.
It doesnt matter as its a servicing charge to prevent abuse and time wasters. The bank can amend that charge when they like.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
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