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Early Redemption Fees - Mortgages
fishermansgirlfriend
Posts: 7 Forumite
I redeemed my mortgage about 8 years ago and have just found some paperwork whilst clearing out the cupboards. I was choked to find out that had I redeemed the mortgage just 14 days later than I did, I would have been £10k better off ! How niaive was I !!!
I've googled around to see if I can reclaim this excessive early redemption penalty in the same way that people are reclaiming PPI but I haven't come across anything. Does anyone know whether I have a legit claim to get this money back?
I've googled around to see if I can reclaim this excessive early redemption penalty in the same way that people are reclaiming PPI but I haven't come across anything. Does anyone know whether I have a legit claim to get this money back?
0
Comments
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You don't, sorry.
The ERP compensates the market counterparty which provided the rate swap for your fix/tracker.
It's all or nothing, based on that end date and it's just a shame you didn't check it against the completion date you agreed.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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