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NRAM redemption fee
G_M
Posts: 51,977 Forumite
I posted this on the property forum but think this will get more/better results....
Friend just got a redemption statement which included a £250 Redemption fee.
There's no tie-in period involved so this is a standard fee, not a penalty.
Although I believe mortgages from 2005 did have this fee specified, is it normal to charge so much and can it be appealed?
Friend just got a redemption statement which included a £250 Redemption fee.
There's no tie-in period involved so this is a standard fee, not a penalty.
Although I believe mortgages from 2005 did have this fee specified, is it normal to charge so much and can it be appealed?
0
Comments
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Although I believe mortgages from 2005 did have this fee specified, is it normal to charge so much and can it be appealed?
The FSA ruling on redemption charges is that you should be charged whatever it was when the mortgage was purchased or whatever the last deal bought was (whichever later). So, if it was £250 at last deal then £250 is what it is.
There has never been any ruling on the size of the charge and £250 is quite common.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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