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2 year discount at Alliance and Leicester
alantaylor
Posts: 10 Forumite
I've been looking at the deals on Alliance and Liecester website.
What does this mean....
[tt]Payable by customer on mortgage closure
Early Closure Administration Charge £295.00 [/tt]
Does it just mean that you have to pay that if you pay off your mortgate early?
Alan
What does this mean....
[tt]Payable by customer on mortgage closure
Early Closure Administration Charge £295.00 [/tt]
Does it just mean that you have to pay that if you pay off your mortgate early?
Alan
Learn from the mistakes of others - you won't live long enough to make them all yourself.
0
Comments
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"Early closure" means closure before its natural maturity.
I.e. take out 25 year mortgage on a 2 year discounted product, and redeem after 2 years = pay the £295.
Take out a 2 year mortgage on a 2 year discounted product, and redeem after 2 years = don't pay anything.
Most lenders charge some sort of redemption/sealing fee; this one is like that but waived if you are finally reaching the normal end of your mortgage account's life.0 -
I.e. take out 25 year mortgage on a 2 year discounted product, and redeem after 2 years = pay the £295.
By this do you mean, after 2 years If I switch my mortgage to another lender I have to pay £295 ???
(Sorry if my question seems obvious, just want to be sure.)
Learn from the mistakes of others - you won't live long enough to make them all yourself.0 -
Yes.0
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