£295 Fee to Close Mortgage Account

black_taxi_2

it's about the ballpark figure,I checked around,scottish fees

pennypincher3562

I phoned my lender again. I'm afraid that the trick of reducing my mortgage to £1, won't work in this instance. They said if I reduced my balance to £1, they would then request I close the account and incur a fee.

From my understanding however if I reduced the total balance of the mortgage to under £10,000 before proceeding to close the account, I would incur an 'account redemption' fee of only £195 (saving £100.) This option is very easily done.

Another option I'm exploring is reducing the balance to £500, and leaving the mortgage live for 25 months, supposedly this will allow me to save even more on any closure fee. I'm doing more research into this option.

PennyPincher3562