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Considering Claim- ERC - Bank of Scotland


karimata
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Hi

 

I am in the process of moving and increasing my mortgage from the Bank of Scotland to the Leeds to pay for an extension I am having built on my house.

At the eleventh hour I recieve a letter from the BoS outlining the redemption figure and fees

There is an early repayment charge of 3% of the mortgage for redeeming within the first three years. This equates to an ERC of £7500 in my case.

Where this differs to other posts is that my mortgage with the Bank of Scotland was a variable rate tracker and was not fixed, or discounted. I can understand the mortgage companies wishing to factor in 'losses' due to the consumer utilising a fixed/discounted period then exiting, but there has been no discounted period.

 

Unfortunately due to building work scheduled to commence, I will have to pay as I can not afford to delay the builder. I am interested though in peoples opinions as to whether I should try a claim 'after the event'

 

Many thanks.

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