We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Several mortgages on the same property
missk_2
Posts: 102
Forumite
Hi
I'm hoping someone can offer some advice. My OH has a property that he owns in addition to our joint property.
On his property he has increased the loans against it several times over the years. Therefore he gets several statements each month, not just one. They are all with A&L.
My question is if we decide to look for a better / cheaper mortgage with the same or a different provider, are we liable to have to pay several redemption fees? Or would it be at the bank's discretion?
Anyone been in this situation and able to advise or can anyone tell me any way of getting round these high charges?
Thanks
Missk
I'm hoping someone can offer some advice. My OH has a property that he owns in addition to our joint property.
On his property he has increased the loans against it several times over the years. Therefore he gets several statements each month, not just one. They are all with A&L.
My question is if we decide to look for a better / cheaper mortgage with the same or a different provider, are we liable to have to pay several redemption fees? Or would it be at the bank's discretion?
Anyone been in this situation and able to advise or can anyone tell me any way of getting round these high charges?
Thanks
Missk
0
Comments
-
Sorry to say this but the answer to your question is in the loan agreements.
Please read them and you will see.
Generally, the maximum early repayment penalty on a secured loan below £25,000 is one month's payment.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.8K Mortgages, Homes & Bills
- 179K Life & Family
- 263.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards