Is there anyway round mortgage redemption fees?

My partner and I took out a 2 year fixed rate mortgage and now, a year later, we are planning to move abroad. However, the mortgage company will charge us 鎷?,000 if we finish our term with them before the 2 year period. Does anyone know anyway out of this?

Is there anyway round mortgage redemption fees?

My dad discovered some small print a few years back where they couldn%26#039;t charge the redemption fee if you%26#039;re remortgaging with the same company (not sure if it applies to all companies however) - it pays to read the terms and conditions very thoroughly for any loopholes there are because these firms never advertise anything that will lose them money... it may even take 3 or 4 nuisance phone calls to make them change their minds.. persistence is the key! Keep complaining and you%26#039;ll get anything just so they can get rid of you!

Is there anyway round mortgage redemption fees?

If you are selling the property you should not have that much of a problem as the term used for this transaction is called a soft repay and normally will not enforce the redemption. if you are refinancing this is called a hard repay, and the redemption will be strictly enforced. Report It

Is there anyway round mortgage redemption fees?

There isn%26#039;t I%26#039;m afraid.

Apart from keeping the mortgage and renting it out. But it%26#039;s not really worth it for the sake of 鎷?,000. Our mortgage company charged us 鎷?,000 and that%26#039;s after telling us there WAS no penalty.

Good luck to you. It%26#039;ll be a smart smart lawyer that could get you out of this one.

Is there anyway round mortgage redemption fees?

Nope they hold the deeds, either pay up or they wont release them, if you are leaving the country and not planning on coming back then you could always instruct your solicitor to not pay the estate agents fees from the proceeds of the sale and then leg it!

Is there anyway round mortgage redemption fees?

hi ya hunnie it all depends which company your with if you was to move to another morgage companie with a lower charge ... i think then they pay for the charge i dont no how it work but that was wot i was told as i was in the same situation to be honest it sound like there ripin you off as i had a quote for 鎷?00 charge and i was with northern rock . buyt then agin it all depend on how much you brought your propertiy ..... other that that if you have a friend or faminly ...leave them the rest of the money till the rest of the 2 years is up then sell at the end of it you should be better off

Is there anyway round mortgage redemption fees?

Rent the house out assuming you don%26#039;t need the equity.

This could lead to them changing your mortgage to buy to rent if you tell them. Not really resolving the penalty issue. If they don%26#039;t know however

Negotiate with the lender if renting isn%26#039;t an option. Other than that those type of agreements are usually fairly watertight legally