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mortgage early repayment fee

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Hello,

 

Has anyone successfully claimed back mortgage early repayment fees.

 

I was aware of the conditions of the mortgage when I signed it. However the manner of penalty does not seem fair or right.

 

I am facing a £16,000 bill for coming out after 2.5 years of a 5 year fixed rate deal (more expensive than the variable mortgage)

 

I understand they have to recoup loss of interest, but as soon as I give them back their money, they lend it out again and make no loss?

 

I cannot port or continue the 2.5 years left as I have lost my job.

 

The amount seems like a penalty.

 

Any ideas.

 

thanks

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Hello and welcome to CAG.

 

Do you know how they worked out the £16k please? And could you name the lender for us?

 

Best, HB


Illegitimi non carborundum

 

 

 

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moved to the mortgage forum

you mean early redemption fee/charge [EPC]

I think you'll find its in their T&C's and not reclaimable

 

dx


..

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