Redemption penalties

adelene

Fair enough. But dunstonh doesn't need to reply if he doesn't want to, and I'm not just trying to reclaim my redemption penalty because I have heard about bank charges - I felt I had been misadvised. However, I appreciate everybody's advice including his, and accept that I committed myself to a purchase and sale before I had anything in writing from the bank. I am not trying to claim back any charge I possibly can - I just wanted to know exactly where I stood before I made further decisions, which is what the board is for (and considering I had been in a position where I clearly hadn't known where I stood, it seemed the sensible thing to do to ask for impartial advice). Now I know I can rest assured I explored all avenues fully before I continued with my move. So thank you everybody for your advice - much appreciated. I feel justified in having asked my question and pleased with the response.

dunstonh

I am not trying to claim back any charge I possibly can

We have had a lot of posts from people that are and I am guilty as charged for letting those ones get on my nerves and perhaps my wording was influenced by that. However, I think you are being too sensitive to the response. There is no point me posting all cuddley and sympathetic to your situation when I am not and see no reason to be. It's better I post it as I see it and then at least you get the viewpoints which are honest. Whether you like the response or not.

I find the threads where you get someone with an issue getting a dozen or so sympathetic responses, often supporting the individual with no grounds to know the rights or wrongs, with no information to support or oppose the issue a complete waste of time for all involved. A bit of honest opinion is far more useful. Sorry if you took offence. It was nothing personal

AndrewSmith

At the end of the day a lender reserves the right to refuse or decline any mortgage application at any point without necessarily having to give you a reason.

The fact that you are looking for a 100% mortgage is a very valid reason for them not allowing you to port the existing mortgage along with the fact that you are asking them to base it on projected incomes.

Your solicitor should have made you aware that you are leaving yourself exposed to potentially having to pay a redemption fee unless the sale and subsequent purchase are effected simultaniously. If you have not actually completed yet on the sale of your current property then no redemption fee will have been paid by you.

It is an unfortunate situation that you find yourself in however I dont feel you have been misadvised, merely been subject to a lender's underwriting process.

AndrewSmith

adelene wrote: »

I don't think dunstonh needs to be quite so patronising - I completely understand the product and I understand that if we leave our mortgage early we have to pay and I have absolutely no problem with that. But we would not have left it early if we had not been initially misadvised - we would have stayed with C&G.

Dunstonh has not patronised you in any way, he has merely told you the situation as it is.

Those who tell you that you have a claim or that you have been misadvised are the ones who are really patronising you.