Exit Fee so close to end of term - any way to appeal?

monkeydust_2

Hi

Were close to selling our existing place but the mortgage with satander is subject to exit fee from deal of 3%. I thought (my fault) that this would reduce with the term of the deal. Given that the deal ends in a just over a month do I have any grounds of appeal against it? I know its a long shot and I have a deal in writing with the bank but thought I would see if I am not missing out on some route to get this fee reduced.

Thanks guys

Mike

dunstonh

Normally, if you dont raise the ERC then it will be applied automatically. However, if you ask them and its just a couple of weeks then they will usually waive it if the new mortgage is with them. If its not with them then you are reliant on a goodwill gesture. If they don't waive it, then they would find it hard to justify if you took it to complaint. However, you could be waiting up to around a year for a ruling on that complaint and would be out of pocket until then. There is also no guarantee a complaint would absolutely rule in your favour. So, sorting it in advance is the best option.

madmish00

It's certainly worth speaking to them. You say you are 'close to selling your house' - does that mean you are ready to exchange contracts? Could completion not be delayed until you are out of term on the ERC?

Wh05apk

I have a feeling Abbey will waive if in the last month? It is not a contractual thing, the contract you signed presumably stated till the last day, so can't see you would have any grounds for complaint.

Worth a call, failing that as has been said, can you delay completion?