Paying up my mortgage

My mortgage fixed rate ends 31/12/13 i want to clear the balance approx £ 29000 my mortgage provider says i cannot do this until they send me a recalculated redemption figure and there will be charges .can anyone advise what this is and what is the likely figure to be i have never experienced such difficulty and stone walling from the lender (tmw) whilst trying to enrich their coffers by almost £30000 !! Frustrated and clueless i am feeling right now!:

Replies

  • SuarezSuarez Forumite
    970 Posts
    Are you on a fixed rate? If so, how long til?

    Might be worth overpaying the maximum until your fixed rate ends as sometimes there is no early redemption fee.
  • I was on a five year fix which ends 31/december this year then it will be their variable rate but i want to pay it all off they are saying my balance is not the amount i will pay and they will be a redemption charge and possibly other charges when i asked what were the charges they said i had to order a redemption fugure to get this after 31/12/13 i have done this but was wondering what the charges may be??
  • BeckyyBeckyy Forumite
    2.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    You will need to wait until your fix is up, request a redemption statement then pay off the balance I would assume. If they gave you one now it would be for the current balance, including early repayment charges for paying the mortgage off before your fix ends. I don't know if they'll give you a redemption statement early as you could increase/decrease the balance between now and then making it inaccurate.

    There is often a repayment charge when you finally pay the mortgage off (even after the fix). Ours is around £200 I think, but I can't remember exactly off the top of my head. If you still have the original paperwork from your mortgage then you're probably best having a look over it and seeing if it mentions it.

    Best of luck and congratulations on paying it off :)
  • tHANKS BEKYE I WILL HAVE TO WAIT JUST WANT THIS OVER AND DONE WITH AND BE ABLE TO NOT WORRY ABOUT MEETING THE MORTGAGE EACH MONTH WILL CLEAR US OUT COMPLETLY BUT AT LEAST OUR ROOF WILL TRULY BE OURS :)
  • cb4fwhcb4fwh Forumite
    158 Posts
    Tenth Anniversary 100 Posts Combo Breaker
    Forumite
    Hiya,

    You've only got two weeks to wait until you will be able to pay off with no early redemption penalty. Just ring them on the 2nd Jan..! It wil almost certainly be cheaper than what it would cost you today as this would include an early redemption penalty...
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 in bonus points

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals