HouseWow the UK's leading property styling and home staging professionals

    

  

 
Home Staging, Show homes, Interior Design, Home Improvements, House selling tips and Declutter with HouseWow®     

   Home   |   About  |   Contact   |   Team   |   Show Homes  |   Home Staging  |   Declutter  |   Interior Design |   Furniture hire  |   Testimonials  |   Gallery

 

        Property  >   Selling Property  >  Costs of Selling a house  >  Mortgage redemption fees

 

Mortgage redemption fees

       

Mortgage redemption fees

Before selling your house find out early from your mortgage lender if there are any fees to pay because mortgage redemption fees can be high. Then you'll know at what price you can afford to sell.  If you buy another house you might be able to change your original mortgage agreement accordingly but some mortgage companies will re-assess your mortgage and terms. You may also wish to change mortgage lenders at this time and redeem the existing mortgage.

 

 

     Redemption fee

Sometimes lenders charge an early repayment of redemption penalties, if and when the mortgage is settled early. The charge can be as high as 1 to 4% of the outstanding loan.  This fee may not apply if you keep your next house loan with the same company.

   

Mortgage exit fee

 

Mortgage lenders might also make a charge of an exit fee to cover administration costs 'mortgage exit administration fees' or MEAF's, if you pay off your mortgage early or switch to another lender for the next property. 

Reclaiming mortgage redemption fees

 

The mortgage redemption fee will have been detailed in your original mortgage loan arrangement documentation and vary considerably. In 2007 some Mortgage lenders put up their MEAF's and charged more than their original agreements. The regulator, the FSA announced in January 2007 that where customers were overcharged for their exit fee that they should be entitled to a refund. If you paid a higher fee than you expected you may be able to reclaim the Mortgage exit administration fee.

  

 

Selling Property logo

Other popular articles

Conveyancing Solicitors

Property marketing

Online Estate Agents

Property deal

 

   

Share this article

    
Comment on this article
 

 

Note: Comments above are via social media facebook and are vetted in the usual way. If you have any complaints or wish to make a comment to HouseWow about the validity of information in this article or any comments via facebook participants please contact HouseWow directly here.   We respect your privacy and never send spam. Thank you.

 
Note: The information on this website may be provided by third parties and links may be to external websites. Please see website terms for more details.

 

 

      Selling property  |  Property market  | Target market  |  Compare house prices   

 

  about    services    contact    sitemap     terms    privacy     associates     media      partners     resources    house selling tips