Early Redemption fee

[Shazza36]

I know everyone is now able to claim back bank charges but what about mortgage early redemption fees- is that going to be next ? We had to pay �3000 to get out of our mortgage in the long run we will save that as the interst rate was higher than I'm paying now. With the bank charge refunds is it right that the bank would have to have lost money in order to justify the charges they can not charge you just because they made less money that they would have- or am I mis-interpreting everything? TIA

[Ethel]

Early redemption fees are not the same. You got a special rate in return for agreeing to stick with that mortgage for x number of years or pay a penalty.

Exit fees - which you are charged when you pay off your mortgage early, and cover admin charges, land registrations fees and so on ARE considered to be a charge and can be reclaimed if excessive.

Read all about it from an independent financial expert:

http://www.moneysavingexpert.com/cgi-bin/viewn ews.cgi?newsid1170081918,22653,