Northern rock/virgin money Mortgage redemption charges - historical Chaps Fee

We have just requested a redemption figure for our mortgage. There is a CHAPS charge of £30.

We phoned up to query the charge and was told this was the charge from when we originally took the mortgage out. Eg the chaps charge/fee from 14 years ago to transfer the money to the solicitor.

(we will be paying the mortgage off using debit card or bank transfer)

Anyone else seen this before?

Comments

  • ACG
    ACG Posts: 23,621
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    edited 13 January at 12:46PM
    When you take out the mortgage, they transfer the money to your solicitor by chaps. At the time of taking out the mortgage, some lenders allow you to add this to the mortgage. It sounds like that is what has happened. 

    They incurred the charge 14 years ago. They want it repaying along with the mortgage. 

    Check your mortgage offer, I think it would have been section 4 (fees). 
    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.
  • justwhat
    justwhat Posts: 607
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    its ok, i think it was added when we moved house.
  • ACG
    ACG Posts: 23,621
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    Thats what I was trying to say. It would have been when you moved house or remortgage. 

    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.
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