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Early Repayment Fee
Kerstin_2
Posts: 14 Forumite
Hello everybody,
I am trying to sell my house in order to avert bankruptcy and reposession. Unfortunatly, my mortgage lender insists on a sum of £2600,00 above the agreed sale price £95,000,00 (I am getting no money out of this whatsoever!) due to the Early Repayment Charge. Is my lender acting unreasonably? And if so can I complain to the Financial Ombudsman about this? If the sale is not going through the house will be reposessed and/or I have to go bankrupt.
Is there any advice out there?
Regards.
Kerstin
I am trying to sell my house in order to avert bankruptcy and reposession. Unfortunatly, my mortgage lender insists on a sum of £2600,00 above the agreed sale price £95,000,00 (I am getting no money out of this whatsoever!) due to the Early Repayment Charge. Is my lender acting unreasonably? And if so can I complain to the Financial Ombudsman about this? If the sale is not going through the house will be reposessed and/or I have to go bankrupt.
Is there any advice out there?
Regards.
Kerstin
0
Comments
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Don't really have a great deal of advice for you I'm afraid. Most Lenders will stick to this fee regardless, unfortunately.
Have you tried posting in the Debt Free Wannabe forum?
There are loads of people there who have been through similar circumstances & will be able to offer you some great advice.
Best of Luck to youThanks to all who post comps :A :T0 -
you probably agreed to this when you took out your mortgage. you could try arguing that with this fee you will not be able to sell and not selling will mean repossession which will reduce the amount of money they get in total. Argue that as they have a duty to care for their customers, they should allow the sale to proceed.
Legally you probably have no case, but no harm in trying.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Id say the mortgage free wanna be board is the best place for this question actually.0
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Hello everybody,
I am trying to sell my house in order to avert bankruptcy and reposession. Unfortunatly, my mortgage lender insists on a sum of £2600,00 above the agreed sale price £95,000,00 (I am getting no money out of this whatsoever!) due to the Early Repayment Charge. Is my lender acting unreasonably? And if so can I complain to the Financial Ombudsman about this? If the sale is not going through the house will be reposessed and/or I have to go bankrupt.
Is there any advice out there?
Regards.
Kerstin
r u any further forward?0
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