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TSB mortgages
Chairman_Chris
Posts: 2 Newbie
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.
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.
0
Comments
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Did you read the original mortgage offer? The ERC in there will apply today. This shouldn't be a surprise.£9k was a complete shock0 -
As I recall, C&G got into hot water over charging repayment fees significantly higher than specified at outset.opinions4u wrote: »Did you read the original mortgage offer? The ERC in there will apply today. This shouldn't be a surprise.
It might be worth a complaint.0 -
What mortgage product did you opt for 2.5 years ago. Fixed rate for 5 years?0
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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?:rotfl:If it weren't for stress I'd have no energy at all. First rule of acting: Whatever happens, look as if it were intended.;)
Don't follow in my footsteps, I walk into walls:smileyhea When in doubt .............mumble.
I may look busy, but I'm just confused.:T I smile because i have no idea what's going on.:rotfl:0 -
What does your mortgage documentation say about the calculation of the ERC?0
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