new redemption charge

edited 21 October 2013 at 6:32PM in Reclaiming Mortgage Fees, Council Tax, etc
2 replies 681 views
bradley1977bradley1977 Forumite
7 Posts
Seventh Anniversary Combo Breaker
We got a northern rock mortgage (now NRAM) in 2005 with redemption fee of £250. we have just paid of our mortgage and paid the £250 redemption fee. Can we claim some of this money back as we got mortgage b4 2007?

Also we paid the mortgage off in full +£250 redemption fee In August 2013 and they still have not wrote to us telling us that mortgage now clear.. How long should it take to process redemption etc?

Can we reclaim the £250 all or some of the redemption fee as I note after 2007 Northern rock fee went down to £0?


I'm confused, is it only for when the contract said it was £50 and then u paid £250 or does it relate to us that the fee's went down after the FCA decision and we paid the full amount?

Thank you so much for this website as did not even know these charges were illegal as thought it was only the usual bank charges on current accounts and PPI etc.

Replies

  • dunstonhdunstonh Forumite
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    We got a northern rock mortgage (now NRAM) in 2005 with redemption fee of £250. we have just paid of our mortgage and paid the £250 redemption fee. Can we claim some of this money back as we got mortgage b4 2007?

    So, if I have this right, your fee when you bought the mortgage said it was £250 and you have paid £250. if so, then no. there is nothing you can claim back.
    Also we paid the mortgage off in full +£250 redemption fee In August 2013 and they still have not wrote to us telling us that mortgage now clear.. How long should it take to process redemption etc?

    Usually get a closing statement within a month.
    Can we reclaim the £250 all or some of the redemption fee as I note after 2007 Northern rock fee went down to £0?

    No. You pay what your contract says. That was the FSA ruling.
    Thank you so much for this website as did not even know these charges were illegal as thought it was only the usual bank charges on current accounts and PPI etc.

    They are not illegal.
  • roonaldoroonaldo Forumite
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    so your redemption fee was £250 and was correct. they have never been or will be illegal, nor are bank charges or PPI illegal. I think you have misunderstood.
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