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Mortgage Redemption Fees
paul2002
Posts: 2 Newbie
Hi - Does anyone know of any lenders that will pay your redemption fees (not switching fees but actual redemption fees) to encourage you to choose them as your new mortgage provider?
I have gone and got myself locked into something I'd like to get out of but as you would expect it is quite costly!
Ever the optimist I thought I would aske the question!
Thanks
I have gone and got myself locked into something I'd like to get out of but as you would expect it is quite costly!
Ever the optimist I thought I would aske the question!
Thanks
0
Comments
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No, there are no lenders that will do this. The closest you will come is a big cashback mortgage from someone like the Chelsea B.S.
By doing this, however, you are unlikely to reduce your rate and will you will be locked into further redemption charges on a higher rate for about 5 years!
The only time where this may be viable is is you were considered sub prime at the start of you current loan and over time have 'repaired' your credit and could now get a prime loan0 -
Thanks for the steer - back to the drawing board then!
Paul0 -
Watch with Chelsea though as they tend to include an expensive monthly home contents and building insurance deal - I know as I am paying one - £80 per month - It's how they get their "cashback" back!!0
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No-one forces you to take their home insurance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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