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Loan Completion Fee Interest

Hi,

I have received a letter today from YBS saying that when my mortgage funds were released a Loan Completion Fee of £345 was added to the mortgage balance and I have been paying interest on it for the last 3 years 9 months.

The letter says they cannot identify if I actually requested this fee to be added to the mortgage and they are reimbursing the interest on the fee by crediting the mortgage account by £59.

It says I have the option of paying the fee in full or after 60 days paying interest on the loan completion fee again.

What would be the best option to take? Its a 25 year mortgage and I do intent to remortgage once the 5 year fixed period is up.

Thanks

Stephen

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Will you gain more interest on your savings over the next 60 days than you will pay on the fee?

    That will give you your answer.
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