Mortgage interest charge

BorrisNorris

Hi there,

I was hoping someone could please give me some advice. I have had an interest only mortgage for 10 years and have just exchanged contracts on my house. The Building Society have charged me £14k interest charge with no explanation behind it. We don't believe we owe this money. Has anyone ever accounted this problem before?

Thank you.

amnblog

Not a question we can answer based on 4 lines and no sight of the paperwork Boris.


What has the Lender said?

kingstreet

I can't imagine what impact exchanging contracts has on any mortgage...?

Is it possible you meant you have just completed the sale of your home and your solicitor has repaid your mortgage. During that repayment, there was a £14,000 early repayment penalty and you don't know why that's been charged?

When did you last change mortgage products? Were you on a fixed rate or similar product? What was the mortgage balance prior to the mortgage being repaid?

Did your solicitor provide you with a copy of your lender's redemption statement, or a draft completion statement showing the amount payable to redeem the mortgage?