Unfair early redemption

csgohan4

I think the OP realizes they have no case to answer after reading their own document, but wants to see if they can worm themselves out of the ERC. Correct me if I am wrong op with the ACTUAL wording

[Deleted User]

csgohan4 said:

I think the OP realizes they have no case to answer after reading their own document, but wants to see if they can worm themselves out of the ERC. Correct me if I am wrong op with the ACTUAL wording

Well how rude. I've said I'm happy to wait til my term is up; how does that fit with trying to WORM my way out?? I've also given the exact content of the paperwork and see no need to do more. If you or anyone has a problem with that then I can't help that.
I'm waiting for the calculation from the lender re the Early redemption charge.
As I said before, I'll happily feedback when they respond but until then, I'll leave this thread as it is.

kingstreet

Do you have an old style "annual rest" mortgage? This would explain an ERC being applied at the previous annual balance as overpayments are only applied once a year, on the account anniversary.

John_

Missu said:

@john really? I've made overpayments so the balance is significantly lower now. I thought the fees were to compensate for loss of interest?

More generally it’s to compensate for the costs that the bank will face on breaking the terms on the other side of the deal.

The terms will have been set out explicitly when you took the mortgage out, the bank is only able to charge you fees that they set out at the start, so if they are trying to add additional ones it’s worth raising a complaint.

John_

Missu said:

@unicorn cottage - as I've already explained - the only detail is the breakdown of % in each year .
As I've also said, I'm happy to wait until July to avoid the charge. It would be helpful to read the whole thread. I am 
awaiting a response to my complaint and will feedback to this post then.

The fact that you are flat-out refusing to post what it says suggest that it’s going to be pretty clear that you agreed to these exact terms, but just want people to agree that you are hard done-by. I’ll leave you to it if you are going to waste people’s time like this.

reefer37

one way around this is to move to the current lenders tracker if this has no erc and then move to which ever lender you want to be with but alot of work for 3 months but depends if you think rates will go up much in 3 months.
sometimes you can lock rates in with new lenders and then move when erc is off.

davidmcn

Looks like the OP has not only thrown their toys out of the pram but set fire to the pram as well.

Thrugelmir

Lockdown taking it's toll perhaps.

csgohan4

Thrugelmir said:

Lockdown taking it's toll perhaps.

Well they even de registered too which shows how serious they were