early payment charges

clb_3

any advice on early settlement penalties for your mortgage just been told we will have to pay £6,500 to settle early

dwsjarcmcd

They would have been on the terms of your offer, which you signed. Therefore the 'advice' is to pay them or stick to the terms of your contract

lic

A redemption penalty of £6500 is rather steep, but if you have signed the terms and condictions, you will have to pay it.
However I beleive The Chelsea Building Society do a cahback mortgage, other financial institutions will offer similar products. I'd try https://www.moneysupermaket.com or an IFA.
Goodluck

regularsaver1

are you moving to a new property clb? is your existing mortgage portable where you can possibly transfer your existing mortgage product/interest rate to new property, avoiding penalties ?