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Early repayment charge
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Thegardner
Posts: 17 Forumite
Hi I wonder if anyone has any advice as I feel my partners step father has been over charged when he paid off his mortgage. After his wife sadly passed away just over 2 years ago her life insurance paid off the mortage. However the lender charged him a whopping £1500 in Final Repayment and Early Repayment charges. Were thinking now this amount can't be right.
The mortgage was still in a special period but given the circumstances surely it is wrong to charge for paying off the mortgage when someone has passed away? Can anyone help
The mortgage was still in a special period but given the circumstances surely it is wrong to charge for paying off the mortgage when someone has passed away? Can anyone help
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Comments
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Some lenders will waive the ERC in the event of death but they are not obliged to do so.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It's worth pointing out that the lender may not have been made aware of the situation. A redemption statement may have been requested, the standard conditions would have been listed and they received the funds and closed the account. It's unusual, but I have seen it happen.
A quick check with the lender would not go astray.Scott0
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