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Redemption Fee / Sealing Fee
TuckTuckBoom
Posts: 15 Forumite
I wonder if anyone can help me, I'm currently with RBS with a fixed rate deal that finishes at the end of July. I'm re-mortgaging to HSBC due to the high set up fees (£999) RBS wanted to charge me for arranging my new mortgage.
Within my contract with RBS I have a Redemption Fee / Sealing Fee of £225. RBS say I have to pay this as I'm re-mortgaging. Is this correct? Is the fee correct as it seems quite steep? Is this just another example of how RBS is making easy money and trying to force people to stay with them?
Can anyone offer any light or any past experience? Thanks
Within my contract with RBS I have a Redemption Fee / Sealing Fee of £225. RBS say I have to pay this as I'm re-mortgaging. Is this correct? Is the fee correct as it seems quite steep? Is this just another example of how RBS is making easy money and trying to force people to stay with them?
Can anyone offer any light or any past experience? Thanks
0
Comments
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RBS say I have to pay this as I'm re-mortgaging. Is this correct?
That is correct.Is the fee correct as it seems quite steep?
The fee seems about average. What did it say on your contract when you took it out? If the fee was £225 when you took it out then its fair and valid.Is this just another example of how RBS is making easy money and trying to force people to stay with them?
These fees have been round decades. However, since about 2003 they rose a bit more to the current £150-£299 range.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 -
Yes it does say £225 - just comes as a bit of a shock! At least I'll know for next time. Thanks0
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