Discharge of mortgage fee

Payless_2

I am now in a position to pay the rest of my mortgage off and have received a redemption statement fron NRAM. Apparently I have to pay a fee of £250 if I pay my mortgage off early even though I have no tie in through my mortgage. I thought that NRAM were trying to get rid of the mortgage side of their business.

I'm thinking of paying off everything except £1 of my outstanding mortgage. If I do this do you think it likely that NRAM might ultimately waive the £250?

Thrugelmir

No they won't. The charge is a contractual fee that you agreed to when accepting the mortgage offer at the outset. Without going into all the in's and out's NRAM hold all the aces. So the fee will have to be paid at the end of the contractual mortgage term.

ethank

Also as NRAM are running off their mortgage book, they probably will not allow you to keep you account open.

kingstreet

Check the discharge fee from your original KFI or mortgage offer. They can charge the same as what you were notified at the outset.

A 2007 KFI I have here says £250 discharge fee in section 10. Check yours.