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Mortgate Early repayment penalty


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Afternoon all

Our Mortgate is a 3 year fixed rate with Alliance & Leicester, the 3 years of which are up on 15th March 2010, after which it revert to standard variable rate. The Early Redemption Charge is 3% of the mortgage if redeemed anytime before 15th March 2010.

 

Due to a change in personal circumstances we are now selling our home. I advised A & L of this and asked that if I redeemed my mortgage before 15th March 2010, would I still be liable for the full 3%. They replied that I would.

 

I then wrote and asked that if I redeemeed before 15th March 2010, provided I paid them the outstanding mortgage payments right up to 15th March 2010, would they still charge me the full 3%. They have just replied that even if I redeemed my mortgage 1 day before 15th March 2010, they would still charge me 3%, which in our case is just over £7,500

 

I believe I read somewhere that, provided you mitigate in full any loss incured by the lender as a result of your early redemption of a mortgage, which I obviously will do by offering to pay them a sum amounting to all the mortgage payments up to the expiry of the fixed term penalty period, then anything extra they charge you for early redemption is slightly unlawful, and wouldn't stand up in law.

 

Is this correct?

 

regards to all

17th July 2006 - Small Claims Court action filed

20th July 2006 - Claim deemed to have been served

24th July 2006 - Defendent filed an Acknowledgment of Service

17th August 2006 - Defendant's solicitors filed a defence (Sechiari Clark & Mitchell).

24th August 2006 - Defence & AQ received.

13th October 2006 - Court orders a stay until 11th Nov to reach settlement - yeah, right. http://cag-images.co.uk/forum/images/buttons/edit.gif

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I believe I read somewhere that, provided you mitigate in full any loss incured by the lender as a result of your early redemption of a mortgage, which I obviously will do by offering to pay them a sum amounting to all the mortgage payments up to the expiry of the fixed term penalty period, then anything extra they charge you for early redemption is slightly unlawful, and wouldn't stand up in law.

 

Is this correct?

 

I don't believe this is correct unfortunately as this link demonstrates.http://www.consumeractiongroup.co.uk/forum/mortgage-companies/139339-what-you-can-cannot.html#post1482245

 

2 or 3 years ago some caggers lost ERC cases in court and ended up paying hefty costs, so I think it's unlikely you'll avoid the charges. Not wishing to be pessimistic, but I wonder how likely it is that you'll sell your house and complete before March given the current economic climate and Christmas a couple of months away.

 

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Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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Afternoon;

 

Have you considered porting your mortgage to your new home?

 

Not really an option. We plan on selling up down here in the South East, moving to Scotland, buying a plot of land, and building our own house. :)

 

Alliance & Leicester don't get involved in Self Build Mortgages, but that wouldn't be a problem as there are specialist organisations that offer draw down mortgages for people building their own houses.

 

Thanks for your input anyway. It looks increasingly likely that A&L won't budge, which is fine because the chances are we won't complete until after the Early Redemption Period finishes with them.

 

regards, and thanks again.

17th July 2006 - Small Claims Court action filed

20th July 2006 - Claim deemed to have been served

24th July 2006 - Defendent filed an Acknowledgment of Service

17th August 2006 - Defendant's solicitors filed a defence (Sechiari Clark & Mitchell).

24th August 2006 - Defence & AQ received.

13th October 2006 - Court orders a stay until 11th Nov to reach settlement - yeah, right. http://cag-images.co.uk/forum/images/buttons/edit.gif

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