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Mortgage early repayment charges


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I have just sold two houses due to financial difficulties. I had to pay heavy early repayment charges of about £9,000 on both properties.

Please I would like to know if there is away I could claw back part of these charges as I ended making losses on the sales and left out of pocket while the mortgage lenders smile to the bank.

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I have just sold two houses due to financial difficulties. I had to pay heavy early repayment charges of about £9,000 on both properties.

 

Please I would like to know if there is away I could claw back part of these charges as I ended making losses on the sales and left out of pocket while the mortgage lenders smile to the bank.

 

Have a look in the mortgage forum as Nik suggested.

 

If the Loan is under £25k it is covered by the Consumer Credit Act and the Early Redemption Charges (ERC ) will be set by statute and can not be altered by the county courts.

 

 

Early Redemption Charges are currently on hold but we will have a plan of action in the future! Keep the Faith Guys! ERC CLAIM READ THIS

 

 

 

Yes to claiming

Unpaid Direct Debits

Arrears Charges

Mortgage Exit fee’s

Closing Admin Fee’s

Late payment charges

 

 

No to Claiming

Solicitors fee’s

Insurance Fee’s

Arrangement Fee’s

ERC’s – only for the moment

 

 

Please check your Mortgage agreements for Legal Indemnity clause’s, these are the mortgage companies safety net where they can recover their Legal fee’s from you!:shock:

 

 

 

Mortgage Exit Fee Letter

 

Motgage Charges Prelim Letter

 

 

 

If in doubt, ask! Better to ask before making a mistake than having to be rescued out of one!!!!:grin:

 

 

Good Luck, Start a thread in the mortgage forum and we will be able to help and advise you there!

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