Missold mortgage? £9,000 penalty to pay

Minky2Slice

Hi,

In short - are trying to end my mortgage, but have a fixed term of 3 years and its not yet expired, so will have to pay penalty or Early exit? (not sure what exactly it is called) of £9,000
Is there any way I can succesfully get out of paying this penalty or do we just accept it and pay it?
Have heard that possibly if mortage was missold that I wont be liable for this payment.
I think our mortgage was for a 40 year term, which would effectively make it longer than my retirement age... not sure if that is a valid point for missold claim?

Sorry for short email, but i dont really have a lot of knowledge in the above respect, and help appreciated greatly

System

The length of term is immaterial providing it is within the lender's criteria. As an example, my mortgage runs until I am 70.

roonaldo

Minky2Slice wrote: »

Hi,

Is there any way I can succesfully get out of paying this penalty or do we just accept it and pay it?

No, you are tied into the mortgage for 3 years, in this time an early redemption charge applies. This applies to most 1,2,3,4,5 year fixed mortgages and other mortgage products with an incentive period. This is a fee that would have been disclosed on your mortgage offer which you accepted.

I think our mortgage was for a 40 year term, which would effectively make it longer than my retirement age... not sure if that is a valid point for missold claim?

If you have a 40 year mortgage that takes you beyond retirement then thats fine. You would of been asked about lending into retirement during the mortgage application if the lender had an issue with how you would support mortgage.

Nothing you have said suggest mis-sale.

roonaldo

I should add, if you are looking to move, have you asked your lender about porting the mortgage to the new property?

_Andy_

There is no mis-sale and nothing wrong with paying the ERCs that you agreed to.

dunstonh

The thread title is misleading. There is no mis-sale and the charge is not due to that or any reason that a potential try-it-on mis-sale complaint would be. (length of mortgage is irrelevant if you are paying it off decades before then).

saverjustice

It all depends.

_Andy_

saverjustice wrote: »

It all depends.

Wow, how informative.

saverjustice

_Andy_ wrote: »

Wow, how informative.

As informative as your comment?

_Andy_

saverjustice wrote: »

As informative as your comment?

Mine gave a correct answer. Yours is just ambiguous and adds nothing.
E.g. if you're going to say 'it depends' then why not state what you feel it depends on, rather than being mysterious?