TSB mortgages

Chairman_Chris

Hi,

Been searching the forum and would really appreciate peoples views on my TSB mortgage Early Repayment Charges.

I took my mortgage out 2.5 years ago with Cheltenham and Gloucester (now transferred to TSB), I have paid off £10k and the current balance today is £230k.

I am looking to move house and have found a great rate with Yorkshire Building Society which I was about to go ahead with. I called up TSB and they inform me it will cost £9k to leave them and exit the mortgage.

I was expecting a couple of hundred pounds exit fee (as advised by my solicitor and a few friends) so £9k was a complete shock and I'm really worried about affording the move. TSB offer very uncompetitive rates so I really don't want to port the mortgage.

Any help/advice gratefully recieved,

Chris.

opinions4u

£9k was a complete shock

Did you read the original mortgage offer? The ERC in there will apply today. This shouldn't be a surprise.

magpiecottage

opinions4u wrote: »

Did you read the original mortgage offer? The ERC in there will apply today. This shouldn't be a surprise.

As I recall, C&G got into hot water over charging repayment fees significantly higher than specified at outset.

It might be worth a complaint.

Thrugelmir

What mortgage product did you opt for 2.5 years ago. Fixed rate for 5 years?

ohmochraich

Slightly off topic but did you specifically ask for TSB to take over your C&G mortgage? The reason I ask is that when LloydsTSB changed over - my banking went to TSB ( due to geography) but my C&G mortgage went to Lloyd's. I was under the impression that all C&G accounts automatically went to Lloyd's - would it make any difference to fees if yours had gone to Lloyd's instead?

Yorkie1

What does your mortgage documentation say about the calculation of the ERC?