Mortgage Early Repayment Fee!!

hyde900

Hi money savers,
hope someone can help me!!!
Today whilst looking to see if im eligible for reclaiming any money for early repayment fees I came a bit confused I know that it is down to what the original contrat says to what they did charge you, meaning you can claim the diffrence back.
But looking at my Redemtion statement I have been charged two diffrent charges
1, Monthly intrest off £1086.91
2, Discharge of mortgage fee £195.00
3, Early repayment charge £885.80
Any one know what the diffrence is between them?

on original contract it states diffrent charges goiog down for each year the forth year (one which i paid my mortgage off) "following completion 3% of the amount repaid which calculated on original amoont borrowed, equals a maximum charge of ££1310" mean i paid less? ? !
dont know is this right or can I still claim something as on martins guide only mentions diffrent charge ranging between £100 to £300!

can anyone help or advise please!!!!
Thanks Confused hyde900

Bernard_Coleslaw

The fee you need to concentrate on, in your case, is the 'Discharge of mortgage fee'. This is also known as a Mortgage Exit Admin Fee, and is the one that's received all the publicity in recent weeks.

Mortgage lenders have been told that they can only charge the fee that they agreed with the customer, normally at the start of their mortgage. So if on our original paperwork your 'Discharge of mortgage fee' was quoted at a lower level than £195, you can claim this difference back.

The £885 Early Repayment Charge you paid is part of the price of your mortgage contract and is not something you can claim back.