Abbey Mortgage Redemption stinger

ataylorrl

When we took out mortgage on our soon to be sold house in 1999, we hadn;t realised that in addition to having to pay back the cashback we had, but also a percentage which in total came to £10k.

This was a shocker when we redeemed the mortgage in favour of a lower interest rate with another bank.

I have the paperwork from 1999 - I'm a hoarder - anyone know where we might stand with this and how do we go about finding out if charges were unfair?

Please be gentle!:D

roonaldo

The whole point of cash back is that its an incentive for you to keep the mortgage with them. If you dont want to repay it then you dont repay the mortgage. You chose to repay the mortgage and it would have appeared on a redemption statement so you dont really have a case.

Also, as its 13 years ago they could just time bar the complaint or more likely to just tell you they no longer hold the records.

dunstonh

I'm a hoarder - anyone know where we might stand with this and how do we go about finding out if charges were unfair?

The charges are not considered unfair.

If you buy a special deal then you are agreeing to a tie in for a period. If you break the deal then you pay the penalty for doing so. The penalties are disclosed prior to the mortgage being taken out. Your contract offer letter would have disclosed them. If you used a solicitor for the advice then they would have pointed them out to you. So, there is little to complain about.