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Exit Fees (discharge fee)??
arthurx1234
Posts: 421 Forumite
I am in a position to pay off my mortgage, i only have about 12 more payments.
Looking at my last mortgage statement the redemtion amount is about £400 more than the amount i owe according to Britannia the £400 consists of
a Early Repayment Charge
a Deeds Release Fee
and a Discharge Fee of £125 per mortgage
Question - 1 is the discharge fee another name for the Exit Fee which Martin Lewis informs us is illegal.
2 I have 2 sub accounts so will they charge me 2 x £125 ( i doubt it but thought i would ask any way)
Look forward to you knowledgeable people knowing the answers
cheers
Arthur
Looking at my last mortgage statement the redemtion amount is about £400 more than the amount i owe according to Britannia the £400 consists of
a Early Repayment Charge
a Deeds Release Fee
and a Discharge Fee of £125 per mortgage
Question - 1 is the discharge fee another name for the Exit Fee which Martin Lewis informs us is illegal.
2 I have 2 sub accounts so will they charge me 2 x £125 ( i doubt it but thought i would ask any way)
Look forward to you knowledgeable people knowing the answers
cheers
Arthur
BREXIT OOPS
0
Comments
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Why would you want to pay an ERC for the sake of 12 months?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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"Question - 1 is the discharge fee another name for the Exit Fee which Martin Lewis informs us is illegal"
Where does he state this?0 -
Martin Lewis does not say they are illegal. Please tell us where he has said this.Question - 1 is the discharge fee another name for the Exit Fee which Martin Lewis informs us is illegal.
They are not illegal, unlawful or wrong. The regulator has made clear the position on exit fees and they are allowed.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 -
Why not do what the site suggests and overpay until there is only £50 left, to avoid the fee?
But why is it worth paying any of it off? Is the interest rate higher than you can get from savings, or perhaps from investments?0
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