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Redemption Fees
Katiec950
Posts: 73 Forumite
Hi,
I am looking to pay my mortgage off a lot earlier than planned. I am awaiting the money clearing before I can do this so I don't want to request a redemption statement at the moment.
Could anyone give me a rough idea of what additional fees are added on to the outstanding mortgage amount? My fixed term rate is due to end next month so I won't be held in a deal.
Thank you!
I am looking to pay my mortgage off a lot earlier than planned. I am awaiting the money clearing before I can do this so I don't want to request a redemption statement at the moment.
Could anyone give me a rough idea of what additional fees are added on to the outstanding mortgage amount? My fixed term rate is due to end next month so I won't be held in a deal.
Thank you!
0
Comments
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Depends on the Lender, some will have an exit fee of perhaps £300. I would not expect any other costs.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.1 -
@katiec950 As above, it can range from 0 upwards depending on the lender. If your product comes with a redemption fee, the original mortgage offer should have the specific amount mentioned in the illustration part, either in the section referring to one-off charges or in the early-repayment section like so.
Katiec950 said:Hi,
I am looking to pay my mortgage off a lot earlier than planned. I am awaiting the money clearing before I can do this so I don't want to request a redemption statement at the moment.
Could anyone give me a rough idea of what additional fees are added on to the outstanding mortgage amount? My fixed term rate is due to end next month so I won't be held in a deal.
Thank you!I am a Mortgage Adviser - 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.
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Thanks both0
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Section 4 on your mortgage offer will confirm all fees.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.1
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