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Mortgage redemption penalty


Limana68
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Hi there

Dont know if anyone can help!

This goes back a few yrs now but still feel as if I should have taken Yorks Bank to court..........

Anyway, me and hubby were in a IVA, and managed to get a normal mortgage with Yorkshire bank, we were very shocked as we passed the credit checks etc. Anyway, we took the mortgage( 5 yrs fixed rate), no probs in paying, and were told it was a portable mortgage, and then we decided to move due to another little un on the way.

We knew we could move the mortgage to the next home, but still had to fill out application form, so we did and we were totally shocked to find that we failed the credit check and were refused the mortgage! We had already had offer on house and found our new home by then, and felt like we couldnt jack it in. We were also told that we would have to pay 5k redemption penalty as we would be finishing the mortgage early! even though we didnt want to ! We wanted to move the mortgage to our next home. We compalined and went to the financial ombudsman but basically got nowhere.( they were a waste of space)

With me being pregnant etc we decided not to take it further and finished our mortgage and paid the redemption fee of 5K. Still feel really miffed by it now after 3 yrs.

Is there anything we could have done? Can we still pursue it now to claim this money back?

Thanks for any advice anyone can give

Lizzy

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You probably could get either all or some of the money back but you'd be better off asking in the Bank Action Group - Mortgages forum (scroll down a bit on the list of forums page).

Lloyds TSB, Total Charges £900, Claim Filed for £1379 - Settled

 

Sainsbury's Bank Credit Card, Total Charges £90 - Settled.

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