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Loan Completion Fee Interest

stejc
Posts: 17 Forumite
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
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
0
Comments
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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.0
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