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Mortgage Redemption Fee
seanstuart
Posts: 4 Newbie
in 2001 i took out a mortgage with the NatWest Mortgage Services, i also had a couple of extra top up loans.
my original agreement states [ Redemption charges = None ]
in 2006 i got a letter stating changes to my agreement that early redemption charge will now apply..
i paid off my mortgage in 2010 and was charged 5% £3150.00 can i claim it back? and on top was charged £85.00 admin fee.
my original agreement states [ Redemption charges = None ]
in 2006 i got a letter stating changes to my agreement that early redemption charge will now apply..
i paid off my mortgage in 2010 and was charged 5% £3150.00 can i claim it back? and on top was charged £85.00 admin fee.
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Comments
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i paid off my mortgage in 2010 and was charged 5% £3150.00 can i claim it back?
That doesnt sound like a MEAF. That sounds like an early repayment charge (ERC).
if it is an ERC, this indicates that you bought a new deal since 2001. The terms are always those of the last mortgage deal you bought. Not the first one.
So, based on limited info and assumption that it is an ERC, then no, you cannot claim it back.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 -
That doesnt sound like a MEAF. That sounds like an early repayment charge (ERC).
if it is an ERC, this indicates that you bought a new deal since 2001. The terms are always those of the last mortgage deal you bought. Not the first one.
So, based on limited info and assumption that it is an ERC, then no, you cannot claim it back.
I have checked the other 2 deals i had, the last was in 2003 and no redemption fees mentioned on these and also these loans were treated as 3 separate loans ? with 3 separate loan ref: numbers..?0 -
Previous deals do not matter. It is the last one you signed up for that matters.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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