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Early Redemption Fee

ECM_2
ECM_2 Posts: 2 Newbie
in Mortgages & endowments
Hi,

I want to sell my house, but will be charged circa £7k in early redemption fees if I sell before my fixed rate period ends in July 2007. Is there any way at all around this ludicrous fee? Please help! Thank you.
ECM

Comments

  • ECM_2
    ECM_2 Posts: 2 Newbie
    I Meant My Fixed Interest Rate Period Is Until July 2009! Sorry!!!
    Ecm
  • Noz
    Noz Posts: 3,869 Forumite
    Part of the Furniture Combo Breaker
    http://forums.moneysavingexpert.com/showpost.html?p=5813977&postcount=9
  • dunstonh
    dunstonh Posts: 120,028 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Is there any way at all around this ludicrous fee?

    Why is it ludicrous?

    You want to break the contract and incur cost to the lender so its only fiar you pay for it. Only other solution is for other borrowers to pay your fees and that wouldnt go down well.

    You shouldnt have entered into the contract if you felt you were unable to honour it.
    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.
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