Do i need to pay my £2800 mortgage get out fee???

simsiminy

Hi i was hoping someone could help me please?

I have a 5 year fixed mortgage with approx 2 years left to go. I am buying a new house on a shared equity deal so i can not move my current mortgage with the new house.

Unfortunately my current lender wants £2800 to cancel mortgage which i think is in paper work form when i signed up. Obviously i think this is a huge fee and quite unfairly overcharged.

As i signed up fpr it in the first place do i need to pay it or can i challenge the amount? I don't mind paying something but i think the £2800 is very steep.

Any help would be much appreciated.

dunstonh

Unfortunately my current lender wants £2800 to cancel mortgage which i think is in paper work form when i signed up

If its not they wont be allowed to charge it. So, you can pretty much assume it will be (those days have long gone where they would make such a simple error).

Obviously i think this is a huge fee and quite unfairly overcharged.

So why did you choose a deal which had such a tie in if you felt it was unfair? If you dont like it, you dont buy it. Complaining about it afterwards is silly.

As i signed up fpr it in the first place do i need to pay it or can i challenge the amount?

What grounds would you have for challenging it?

I don't mind paying something but i think the £2800 is very steep.

Doesnt sound steep. Its the sort of range you expect it. I've seen in them in the tens of thousands but they are not steep either as they are usually applied as a percentage of the mortgage.

You cant expect a lender to give you a deal and not have a tie in period. That would be unreasonable and unrealistic.

Burridge60

simsiminy wrote: »

I am buying a new house on a shared equity deal so i can not move my current mortgage with the new house.

I would sit back and enjoy my current home and save myself £2800 as a minimum and move in two years time. Why buy the House if you cant move the mortgage.

CloudCuckooLand

Pick a house that your mortgage can be moved to..?

firstaspect

simsiminy wrote: »

Hi i was hoping someone could help me please?

I have a 5 year fixed mortgage with approx 2 years left to go. I am buying a new house on a shared equity deal so i can not move my current mortgage with the new house.

Unfortunately my current lender wants £2800 to cancel mortgage which i think is in paper work form when i signed up. Obviously i think this is a huge fee and quite unfairly overcharged.

As i signed up fpr it in the first place do i need to pay it or can i challenge the amount? I don't mind paying something but i think the £2800 is very steep.

Any help would be much appreciated.

The early repayment charges are often steep but if you signed up to it then that's what you'll have to pay.