Kensington Mortgage early repayment rebate and excessive cost to settle early.

[sxflyer11]

Took out a Kensington mortgage in Sept 2006. Never been in arrears and never missed any payments.

 

Borrowed £25,000 plus £250.00 admin fee to set up with a further £2000 broker fee. Total advance £27,250.

 

Have recently (May 2014) been in contact with kensington to ask for a settlement figure.

 

They wrote back saying the payment needed to settle early would be just over £32,000

 

I have paid approx £30,000 in monthly payments since inception of the mortgage, which was on a variable interest rate.

 

The current balance stands at around £23,000 so given the original advance was £27500 and I have already paid around £30000 I feel to be asked for a further £32,000 is unfair and excessive.

 

Do I have a legitimate concern or do I just have to pay them the money to be free of this greedy company.

Edited May 11, 2014 by sxflyer11
typo

[MaximusMeridius]

sxflyer11

 

I can`t help you but i can push this back to the top.

 

You have paid back £30,000 over 8yrs on a £27,500 mortgage and you still owe £23,000?

 

[sxflyer11]

sxflyer11

 

I can`t help you but i can push this back to the top.

 

You have paid back £30,000 over 8yrs on a £27,500 mortgage and you still owe £23,000?

 

Regrettably that's the case.

[MaximusMeridius]

Was it a 25yr interest only?