Mortgage Redemption Fees

Pip10_2

My fixed rate mortgage comes to an end in September and I'm also in the process of moving. There have been issues along the way with the chain, and we're almost ready to exchange. When I thought I'd move in April or May, I was happy to incur the exit fee, however the closer I get, it's a bitter pill to swallow. Have been told if we complete 1/9, I won't pay the fee, have asked for 7 days leeway on this, as I'm under pressure from the chain to completion sooner and even though I will pay all the interest charges until the end of the fixed rate, so they lose nothing they were expecting to get, they are saying no. For the sake of 7 days, when they are no worse off, this seems very unfair. Is it worth approaching the financial ombudsmon?

glosoli

No there is no point. Your existing product has, in black and white in your offer document, the specified end date. Plus in any case, by the time you wait up to 8 weeks for a final response letter and then the outcome from the Ombudsman which won't be successful then the 1st of September will have came and gone.

Your only option is to either push back completion to when the early repayment charges are no longer applicable, or port your existing rate for the sake of a week I am afraid.

Thrugelmir

Stall completion. Say that you are on holiday the week before.