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Astirman V The Mortgage Business


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Hi,

My completion statement date 24/05/2004 from The Mortage Business shows Amount owing £213,865.15, Mortgage Discharge Fee £115, deed Dispatch Fee £50 and Repayment Fee £2281.23. .

I sent the preliminary letter asking for repayment of the Repayment fee on the 8th December 2006 and have today received their response.

The response includes the following :-

“ I have since obtained a copy of your mortgage offer. In the offer it details the conditions if you decided to redeem your mortgage early. A copy of these conditions is enclosed for your information.

You will notice that I have highlighted the area that specifically applied to your mortgage account. As the mortgage was repaid in the second year of the mortgage term, you were obliged to pay 2 months gross interest, which was the redemption penalty you were charged.

A mortgage offer is a legally binding document and you have agreed to the terms and conditions contained in the offer, therefore I am unable to agree a refund of your early redemption charge.

I realize this was not the answer etc etc “

The copy to which they refer has a highlighted section that reads “you must pay the following additional sum to us in respect of the amount repaid or transferred :

1) During the second year of the Mortgage Term two months gross interest at the Mortgage Rate.”

So as TMB (the mortgage business) are saying that at the outset I agreed to pay two months gross interest upon early redemption is that the end of the line ?

Many thanks to anyone that offers advice.

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Hope that doesn't sound bad ! What I meant to say was, I have looked every where several times but I can't find the words that seem appropriate to respond to TMB's letter stating that as I knew what the charges were when I signed up it's tough.

 

Can anyone point me in the right direction please ?

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