Angry and confused over change in mortgage redemption charges | Money | guardian.co.uk
Q We are in the final (fifth) year of our mortgage deal. The mortgage was fixed at 5.89%. This expires in July 2012 and there is £322,163 outstanding. The £322,163 is comprised of £229,782 repayment and £92,381 interest-only accounts. Our house is worth roughly £525,000.
Like everyone else that fixed a while ago, the rate bugs me almost every day. What bugs me even more is the staggering redemption penalty charge, which I believed was £11,000 – this had put me off remortgaging for the past few years.
I called my lender today looking for our outstanding balance and in a quick review it told me the redemption penalties were now £6,437 – virtually half what the original paperwork told me.
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