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Mortgage Redemption 'Interest'


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I was sorting through some paperwork today and discovered a mortgage redemption statement from Kensington Mortgage Company for a mortgage that was settled in 2002. There are a number of items listed on this statement including sealing fee, sundry debits, solicitors costs etc but two items stand out - one is Interest of approx £1500.00 which I believe is justified as a statement of normal interest charged to the account. The second is 'Redemption Interest' of approx £5500.00 and would appear on the face of it to be a penalty for repaying the mortgage early (even though - as I believe - there was a clause in the terms and conditions concerning early settlement charges) Has anyone had a similar charge applied when settling a mortgage early? Is this charge lawful or should it be seen as an unfair penalty in the same way that bank charges are being challenged as unfair penaltiesicon5.gif . Any assistance would be greatly appreciated. Is there a separate forum in CAG for mortgage redemption penalties?

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