query about mortgage exit

I was charged in 1998 by tsb homeloans £839.75 because my husband had died,on the bill it says Redemption Fee £0.00,all mortgage and insurance etc paid up to date by endownments ,THIS IS WHAT IT WILL COST TO REDEEM SECURED LENDING £839.75.

this is the bill i was left to pay,and yet it says on the bill in the calculations Redemption charge £0.00

Iam baffled,i have taken this into LLoyds tsb,and queried it,they are looking into it,there was no reasons on the paperwork stating what this was for,paid it at the time as i had just lost my 41 yr old hubby.
Surely is Redeem and Redemption Fee one of the same thing ??
Also they even had the cheek to inform Experian at the time my mortgage had not been paid for 3 months(post my husbands death)and i was blacklisted,until i kicked up a fuss about,and got it taken off, TSB error which they admitted too.

Any ideas what this may have been.

Thank you

Replies

  • dunstonhdunstonh Forumite
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    Was it an early repayment charge? Mortgage redemption charge and early repayment charge are two different things. Whilst most lenders will waive on death, not all did
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • trish22_2trish22_2 Forumite
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    trish22 wrote: »
    I was charged in 1998 by tsb homeloans £839.75 because my husband had died,on the bill it says Redemption Fee £0.00,all mortgage and insurance etc paid up to date by endownments ,THIS IS WHAT IT WILL COST TO REDEEM SECURED LENDING £839.75.

    this is the bill i was left to pay,and yet it says on the bill in the calculations Redemption charge £0.00

    Iam baffled,i have taken this into LLoyds tsb,and queried it,they are looking into it,there was no reasons on the paperwork stating what this was for,paid it at the time as i had just lost my 41 yr old hubby.
    Surely is Redeem and Redemption Fee one of the same thing ??
    Also they even had the cheek to inform Experian at the time my mortgage had not been paid for 3 months(post my husbands death)and i was blacklisted,until i kicked up a fuss about,and got it taken off, TSB error which they admitted too.

    Any ideas what this may have been.

    Thank you

    Thanks for your reply,it just says on letter this is what it will cost to redeem TSB secured lending £839.75,

    and yet futher down bill calculations it says Redemption Fee £0.00

    Probably is a charge on death.But not to even explain i think is bad.
    I have still quried ,they have agreed to get back to me.
    Also rang C & G said i think you owe me a MERF,They said yes £291.16
    ,nice one for the coat of a phone call.
  • i paid off my morgage in 2006 and had to pay early repayment charge of £1,633,37 can i claim it back
  • dunstonhdunstonh Forumite
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    i paid off my morgage in 2006 and had to pay early repayment charge of £1,633,37 can i claim it back


    No you cannot.

    Whatever made you think you could?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • i was only asking a question you dont have to speak to me like that
  • DunstonH is a little blunt in his response but the question is valid.

    Generally, fees associated with redeeming a mortgage must be stipulated at the start of the loan. Otherwise they are not enforcible.

    However, this normally only affects fees for sealing deeds and so on. An early redemption charge because you got out of a deal (such as a fixed rate) early is very unlikely to be refundable and the lender would probably be able to bring it out of the jurisdiction of the Financial Ombudsman Service by arguing that it is the legitimate exercise of commercial judgement.
  • i paid off my morgage in 2006 and had to pay early repayment charge of £1,633,37 can i claim it back

    No, you can't claim it back. You agreed to ERCs when you took the mortgage out
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