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Mortgage Exit Fee Lender Table
Comments
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Soul_Girl_1972 wrote: »We took a mortgage out with C&G on 30/01/2008 and were charged £7028.47 in fees......trying to get them to give me a reason for this charge, no joy after several phone calls....any advise?
That would be an early repayment charge. Not a mortgage exit fee.
These are considered fair and lawful and exist for a very good reason. If you check your contract you will see the details on the ERC. However, its because you bought a special deal with a tie in period. If you repay the mortgage within the tie in period, you pay the ERC.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.0 -
dunston is right, its a little worrying that C&G are not able to answer that question.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Presumably, the old mortgage was repaid over six years ago and the lender may not keep such records on its main system after that length of time.
As dunston said, if you repaid a mortgage while within an early repayment penalty period, that's what you've been charged.
For example, if you repaid a 5 year fixed rate of £140,560 in the first year and there was a 5% penalty based on the amount you repaid, that would be £7,028.
Unless you can tell us more about the circumstances, preferably using a smaller point size and without the bold switched on, there's not much more anyone can say...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=43832
For those that want to see how the FOS treat people complaining about the ERC being unfair.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.0
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