We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Transfer fee question ?
lvu
Posts: 52 Forumite
If anyone has any advice it would be much appreciated.
I'm trying to help my mum sort out her mortgage after years of not great advice. First she got stung by the endowment shortfall problem and switched to a repayment mortgage or so she thought. We found out recently that she had been put on a 1/2 repayment 1/2 intrest only mortgage. Because she had no fixed term agreement her intrest rate had slowly climbed to nearly 8%.
In the last couple of months she tried to get it sorted, we contacted her mortage company and got them to switch it to a full repayment mortgage at a 3 year fixed term 5.6%, ofset agains her savings she already had the option of overpaying whenever she wants and this has been kept.
They want to charge her £400 for changing it, this fee was not mentioned in any of the phone calls arranging the switch and she wants to know where she stands, is a £400 fee usual, any suggestions for what to do next.
Thanks in advance
I'm trying to help my mum sort out her mortgage after years of not great advice. First she got stung by the endowment shortfall problem and switched to a repayment mortgage or so she thought. We found out recently that she had been put on a 1/2 repayment 1/2 intrest only mortgage. Because she had no fixed term agreement her intrest rate had slowly climbed to nearly 8%.
In the last couple of months she tried to get it sorted, we contacted her mortage company and got them to switch it to a full repayment mortgage at a 3 year fixed term 5.6%, ofset agains her savings she already had the option of overpaying whenever she wants and this has been kept.
They want to charge her £400 for changing it, this fee was not mentioned in any of the phone calls arranging the switch and she wants to know where she stands, is a £400 fee usual, any suggestions for what to do next.
Thanks in advance
01/08/09 - Honeymoon credit card - 0% £2500 - personal OD £350 - DFD May2010
Done it once, will do it again - DFW 534
0
Comments
-
Discussed in the mortgages and endowments board.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards