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Unethical Early redemption charges - Mortage Express


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I use the word unethical as I beleive they are. I am due to complete the sale of my house on Tuesday after splitting with my partner and have just today found out that I owe £10,460 in early redemtion charges. Any ideas how to get this reduced??????:-x

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Hi Storm and welcome to CAG.

 

There are many who think the same as you and most of them are on this site!!

 

Have a look over this thread. It is for mortgages.

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/

 

You will see on there some are in the proces of reclaiming ERC and one or two have applied t have it reduced. There are some templates in the top section of that thread, have a read through them and see if any are suitable for your need.

 

The basis of asking for it to be reduced is that they do not lose that amount of mney on you redeeming the loan, however it is very difficult and we have had some cases where the claimant has lost. So plese please read everything thoroughly before you start.

 

Post on the mortgages thread for any questions you have, it will be beneficial if you can let us know who the mortgage is with, term of the loan, how early you are repaying it.

 

Hope this helps

All advice is based on my experiences. I am NOT qualified and as such cannot be held responsible for any mistakes. If in doubt...get professional help.

If you like what i have said then make me a star!!

Some helpful links

I have been successful in many cases..here are links to some

Housing Act and deposits: http://www.consumeractiongroup.co.uk/forum/showthread.php?266260-Deposit-being-withheld.-Please-advise&highlight=

Against Natwest: http://www.consumeractiongroup.co.uk/forum/showthread.php?278646-N-west-v-Mrsfoot-s-Son.-***WON_ALL-CHARGES-REFUNDED***&highlight=

Against Swift Advances: http://www.consumeractiongroup.co.uk/forum/showthread.php?46576-Me-V-Swift&highlight=

Against B&Q: http://www.consumeractiongroup.co.uk/forum/showthread.php?172878-Me-vs-B-amp-Q&highlight=

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I use the word unethical as I beleive they are. I am due to complete the sale of my house on Tuesday after splitting with my partner and have just today found out that I owe £10,460 in early redemtion charges. Any ideas how to get this reduced??????:-x

 

I would ask your solicitor to send a letter to the company, or get them to call the Mortgage company, to try and negotiate a reduction. I agree it is extortion and have had a few myself over the years. You never know you may get lucky and get this reduced.

 

Uk

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Please be aware of acting on advice given by PM .Anyone can make mistakes and if advice is given on the main forum people can see it to correct it ,if given privately then no one can see it to correct it. Please also be aware of giving your personal details to strangers

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