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Mortgage redemption penalty
Robko
Posts: 2 Newbie
Help needed! is it possible to reduce or avoid redemption penalties?
I took out a mortgage with Amber Home Loans 18 months ago. This was a celf cert mortgage fixed for 5 years with an early payment penalty, which didn't bother me as I hoped to be in my house for many years. However in the last 18 months I was made redundant twice for fairly long periods and so I ran up a lot of debt. Unfortunately I have had to sell my home to pay back these debts, I'm also faced with a £10k redemption penalty which could be better used to pay off debts. Is there anyway to reduce these penalties or will I just have to pay it in full?
I took out a mortgage with Amber Home Loans 18 months ago. This was a celf cert mortgage fixed for 5 years with an early payment penalty, which didn't bother me as I hoped to be in my house for many years. However in the last 18 months I was made redundant twice for fairly long periods and so I ran up a lot of debt. Unfortunately I have had to sell my home to pay back these debts, I'm also faced with a £10k redemption penalty which could be better used to pay off debts. Is there anyway to reduce these penalties or will I just have to pay it in full?
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