Help!halifax Mortgage Early Redemption Fees

Morganmoo

Hi everyone,
Not sure if a thread like this exsists(apologies if so), got my Mortgage statement through today, and Halifax had added on a Early Redemption Fee, onto the balance when I phoned and queried it apparently because my Fixed Rate finished in June 07 and we took out another fixed rate deal with them they add on this fee INCASE we switch Mortgages before the new fixed rate ends.
Is this normal? I don't think I have seen this on previous statements, and she assures me it will be removed in 2009 when the current fixed rate deal ends.
But surely I am being charged interst on this amount to and it's £2500, not a small amount!!
If this has happened to anyone or if anyone has any advice it would be gratefully received!
Thanks.:eek:

money_maker_3

If you read the statement correctly, what it actually says is the redemption figure as at x date would be
amount outstanding
acrued interest
redemption penalty
total

This is only charged IF you repay the mortgage before the end date of the fixed rate.

Every rate that you tie yourself into has this. Not just with the Halifax. It may not be worded the best on the statements, but you are not being charged for it.

Morganmoo

Money maker
My statement doesn't list as you say I am afraid, mine says;
Amount owing
Repayment Admin fee
Early Redemption Charge

Then there is an amount at the end what you owe adding all these figures together.
No dates at all here.

I agree they need to be worded better, and wonder how any phonecalls they get about this.

money_maker_3

a lot I'm sure, I get it in the branch all the time aswell. Does it not say at the top of that section that the figures are for repayment on a specific date? If not, then it must have changed very recently.

Don't worry about it though, they will not charge you it so long as the mortgage is in place and you do not make an overpayment of more than 10% in a year.

Morganmoo

No it doesn't say a date at the top, thanks for your replies, just panicked abit as Mortgage is so big at mo, without any extras! But I can stop panicking now I know it isn't added on, I have no intention of swapping to another provider, so it's not a problem for me.
Maybe I will have a huge win and pay it off?! I will keep dreaming!;)