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redemption fees
activities
Posts: 10 Forumite
Good evening. Can anyone please advise me on redemption fees. I took out a second charge loan to do some building works. The loan was sold to me as a commercial loan which I didnt know and interest only on a variable rate which I was aware of. The company Together are the worst mortgage company ever. Never contactable by phone, not replying to e -mails and I have to make contact via recorded delivery letters. I am in the process of changing this loan to a repayment one and need a redemption figure from Together. So far the new lender and I have received three different figures. With a £500.00 discrepancy between the quotes. This seems to revolve around the original loan amount which they have added the £500. to. The fees and redemption charge remain the same. Can an original borrowing amount be increased.? thank you
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You need to find your original paperwork. If you are eager to start the new loan, one option would be to pay the higher amount and then put a complaint in and hopefully get it back.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Thank you. I have all the documentation .I have also made a complaint to the financial ombudsman but it was reject by Together on the basis I have a commercial loan on a domestic property.0
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The loan can be higher yes.
If you added fees, paid late, missed payments etc, that can all be added to the loan.
If you should never have had a commercial loan, you need to go to presumably the broker who arranged it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you. I have never been late, or missed payments. Fees are shown separately and have remained the same. It is the original amount of the loan that they have increased by 500.0
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Did the broker increase it to cover their fee perhaps?
If it says the 'wrong' amount on all the paperwork including the opening balance then id guess the lender has only done what was asked of them.
Speak to whoever advised on the mortgage to see what was applied for0 -
At different times in the month, the redemption figure will be higher to take into account accrued interest. For example, highest just before a payment is made, lowest just after a payment.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thank you all for the advice. Kingstreet was correct the difference is to do with interest charged although on todays statement from Together they have reduced the outstanding balance shown.! Great forum. thanks.0
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That is a bit of a coincidence that the figure happened to be £500.00. The odds of such a rounded figure seemed quite low for being interest.activities said:Thank you all for the advice. Kingstreet was correct the difference is to do with interest charged although on todays statement from Together they have reduced the outstanding balance shown.! Great forum. thanks.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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