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mortgage transfer question
sandbrook10
Posts: 6 Forumite
Hi,
We have a mortage, we initially took out in September 2012 as a repayment mortgage for 18mths in the sum of 148k. In addition, in February 2013, we borrowed an additional 5.5k as we undertook some works to our house.
Our mortgage term for the 148k ends at the end of this month, and we have decided to extend the mortgage for a couple of years. No early payment charges apply now to this.
We have also decided to combine both the sums as one entity (for a small fee).
When we received today the mortgage contract to sign, it's indicating that on undertaking the transfer, there will be a early payment charge applicable of 3k, if it's undetaken BEFORE Feb 2015.
Is this because we have combined both sums and hence the repayment charge is now defaulting to the longer contract length?
We are a little confused and Accord are now closed!
Many thanks for any assistance,
We have a mortage, we initially took out in September 2012 as a repayment mortgage for 18mths in the sum of 148k. In addition, in February 2013, we borrowed an additional 5.5k as we undertook some works to our house.
Our mortgage term for the 148k ends at the end of this month, and we have decided to extend the mortgage for a couple of years. No early payment charges apply now to this.
We have also decided to combine both the sums as one entity (for a small fee).
When we received today the mortgage contract to sign, it's indicating that on undertaking the transfer, there will be a early payment charge applicable of 3k, if it's undetaken BEFORE Feb 2015.
Is this because we have combined both sums and hence the repayment charge is now defaulting to the longer contract length?
We are a little confused and Accord are now closed!
Many thanks for any assistance,
0
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