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early repayment charge

ooobedoo
ooobedoo Posts: 1,019 Forumite
in House buying, renting & selling
I have sold my house stc and having just looked at my mortgage statement from the nationwide there is a early repayment chage of £932.80, this mortgage runs out on fixed rate on the 31st dec, will they make us pay all of this?????
Oh....I'm not going to lie to you......At the end of the day, when alls said and done......do you know what I mean.........TIDY
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Comments

  • mspig
    mspig Posts: 986 Forumite
    we were two months away from our early repayment deadline date and we still had to pay their £1,500 charge in full so if the mortgage company is like ours you will have to pay all of it.
  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    yes they will. why not delay completion till 1st January 2007 ?
  • ooobedoo
    ooobedoo Posts: 1,019 Forumite
    We are moving to very cheap rental so the interest on the mortgage will be more than this anyway I would of thought???
    Oh....I'm not going to lie to you......At the end of the day, when alls said and done......do you know what I mean.........TIDY
  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    i dont understand your point, sorry. The lender WILL charge you this in full. it is in the terms and conditions of your mortgage which you should have read when you signed it.
  • suffolkb
    suffolkb Posts: 1,299 Forumite
    Try the bankactiongroup site.Several of us are of the opinion that these charges are unlawful - same as bank charges.My claim against the Bank of Scotland goes in today.
    When I was ill,they tried to repossess my flat.We got as far as the court.The magistrate allowed me to sell the flat to pay back the arrears,which I did.Then BOS charged me £867 for paying back early.
    Hope to see them in court this time.
  • lynzpower
    lynzpower Posts: 25,311 Forumite
    10,000 Posts Combo Breaker
    yeah loads of people are claiming these back as unenforceable. Lots of people successful.

    Im going ot be in the same boat & hopefully Ill have missed my date by the time we complete, however if I have to pay it Ill sue them and claim it back :)
    :beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
    Theres no dollar sign on piece of mind
    This Ive come to know...
    So if you agree have a drink with me, raise your glasses for a toast :beer:
  • mrsc_4
    mrsc_4 Posts: 210 Forumite
    We have an early redemption charge of £1800, but because we are taking our new mortgage with the same company they are waiving this charge, (also helps that my husband works for this bank)
    House purchase completed 6th December whole process took 4 months.

    Hang in there everyone it is worth it
  • silvercar
    silvercar Posts: 49,655 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    We were also let off the early redemption charge as we took a new mortgage with the same company.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • dwight-van-man
    dwight-van-man Posts: 300 Forumite
    Loads of people AREN'T getting these waived as 'unenforceable' - the erc is part and parcel of the terms and conditions of the mortgage offer. You redeem the mortgage early, even a day early, you pay the penalty - how else do you think the lender was able to offer you the deal in the first place? Don't mistake erc's for deeds release fees or sealing fee's - these are the fee's which people are starting to challenge successfully
    Number 86 - Stole a car from a one legged woman... I'm just trying to be a better person
  • jamminjamaica
    jamminjamaica Posts: 862 Forumite
    yes they will. we were 2 months away and still had to pay £900 early repayment charge to Abbey.
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