Mortgage Exit Fees

Optimistic6

I recently made an enquiry with my previous mortgage lender concerning mortgage exit fees. According to this web site guidance, exit fees are always charged regardless of what the deal is. However the lender states I did not pay one and are willing to confirm in writing. Copies of statements I've received refer to early repayment charges and not exit fees. I'm confused!

kingstreet

Early repayment penalties/charges and exit fees are two different things. ERPs are charged when you repay a mortgage before the end of a set period of time.

Exit fees are also known as deeds release, discharge or account closing fees. They are payable whenever you close the account. Even at the end of the term.