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Need help with mortgage redemption charges?!
lcgoodac
Posts: 43 Forumite
We are redeeming our current mortgage and switching provider simply because our current provider wouldn't lend us enough.
We are confused by the charges on our redemption statement .
Can anyone help?!
We are confused by the charges on our redemption statement .
Can anyone help?!
0
Comments
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What do they state?
Early repayment charge / discharge fee / land registry release fee?I am a Mortgage & Protection Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Check them against your annual mortgage statement(s) redemption figures as they should be more or less the same, apart from any interest due between last payment and redemption date.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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We understand we have to pay a fee etc as we are redeeming it early but the bit we are confused about is the
Interest for part 1
Early redemption charge for part number 1
We do the understand how these figures are worked out0 -
Presumably, you signed up to a fixed percentage of the amount redeemed; or a number of months interest at the special rate based on the amount redeemed.
Either way, no-one is going to be able to tell you if this is right or not without the actual figures in front of them.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 -
We understand we have to pay a fee etc as we are redeeming it early but the bit we are confused about is the
Interest for part 1
Early redemption charge for part number 1
We do the understand how these figures are worked out
You are not giving people much to go on.
try some real numbers from your statements and details of the mortgage.0 -
As above, you are only giving half of the necessary information.
If you get a copy of your mortgage offer, the fees section will confirm what fees are chargeable when you redeem) and the early repayment charges section will confirm what ERC charges are applicable - or at least help you to work out how it is charged.
If you combine that with your lates mortgage statement you should be able to get more or less in the right balpark. If it is still significantly out you could give us a little more to go on to help confirm or you could speak to the lender.I am a Mortgage AdviserYou 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.0 -
We understand we have to pay a fee etc as we are redeeming it early but the bit we are confused about is the
Interest for part 1
Early redemption charge for part number 1
We do the understand how these figures are worked out
They'll be calculated on the balance owing at the date of redemption of the mortgage.0
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