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Annual statement of Mortgage... Q?
andrew_savva
Posts: 19 Forumite
Received an annual statement in regards to my mortgage. This is the 2nd one i have received (2nd year living in this home)...
Pretty standard stuff, jiat explains how much has been paid this past 12 months and how much is owed etc...
However there is something which did worry me very slightly.. The Early Repayment Charge (ERC)
It says the ERC is £6,577.48 and the ERC end date 1/02/2024.
Fees payable at redemption £195.
Total cost of redeeming: £226,021.95
Can someone explain this to me ? What does it mean... do I owe anything.. ive never missed a payment, all mortgage payments have been direct debit since day 1 and all have been paid in full.
Thanks all
0
Comments
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The ERC is what you will pay if you pay off the mortgage before the fixed interest period ends. It may be on a sliding scale but that is lender dependent.Same with the fees at redemption.This would all have been in your offer documents when you took out the mortgage.0
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