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Mortgage redemption fees / charges


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The average mortgage redemption fee is now 187 pounds -- significantly higher than the actual cost to lenders of just 35 pounds.

My annual mortgage statement details a figure of £ 145.00 administration charge and over £9000 in early repayment charges if I redeem my mortgage at this time.

In the scope of a mortgage, personally I wouldn’t be too worried about a one off payment of £145.00 but the early repayment charges would add a huge percentage to any new mortgage I took out.

Or am I reading this wrong?

pete

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The average mortgage redemption fee is now 187 pounds -- significantly higher than the actual cost to lenders of just 35 pounds.

 

My annual mortgage statement details a figure of £ 145.00 administration charge and over £9000 in early repayment charges if I redeem my mortgage at this time.

 

In the scope of a mortgage, personally I wouldn’t be too worried about a one off payment of £145.00 but the early repayment charges would add a huge percentage to any new mortgage I took out.

 

Or am I reading this wrong?

 

pete

 

No you are not reading it wrong - the exit fee and the ERC are 2 different things. The exit fee is the admin cost of closing he mortgage, and the ERC the huge one is the amount you pay if you redeem before the tie in period is up.

Lots of info on both types in the mortgage forum.

Consumer Health Forums - where you can discuss any health or relationship matters.

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