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5% Early Redemption Fee with 1 Year Left - Help Please

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Comments

  • Roy_Herts
    Roy_Herts Posts: 11 Forumite
    Thrugelmir wrote: »
    That's totally irrelevant.

    Well it wasn't when banks overcharged people for going through their overdraft limit, so I am not sure how it is irrelevant here.
  • Roy_Herts
    Roy_Herts Posts: 11 Forumite
    magpiecottage wrote: »
    On the other hand, you could ask to pay the balance of the interest due in the fixed rate period in order to get out if that was less than the penalty.

    That is great to know, thanks. Ill work out the interest.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Roy_Herts wrote: »
    Well it wasn't when banks overcharged people for going through their overdraft limit, so I am not sure how it is irrelevant here.

    If you wish to challenge a contract in a court of law. You are going to need tangible evidence with which to fight a case. Not simply believe that the lender is a crook. As there are hundred of thousands of people with similar contract terms as yourself. If there was a case to be fought. Then I'm sure ambulance chasing lawyers would have done so by now. ERC's have been around for decades. Not a recent invention.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Roy_Herts wrote: »
    One additional question. Can I use by overpayment reserve that I have built up to pay the penalty to get out?

    Thanks everyone

    Since you seem to think this will make a difference(otherwise why ask) are you sure your remortgage decision is right/sensible one?
This discussion has been closed.
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