Hi
Now that mortgage rates are so low im tempted to change my loan. However I'm with nationwide and they have a 5% erc on the balance. Gutted. I found an article suggesting that these charges are excessive and therefore can be contested. search " fool and redemption charge illegal "and you'll find the article. yes the article is a bit outdated but the reasoning behind it is solid. I've also read an old thread on here that someone successfully challenged it and won but not much more info. Please if anyone has ever successfully challenged the charge or claimed it back I would love to hear about it? I know its a shot in the dark but i hope someone on here can help. It's sickening how banks can charge these ridiculous fees. My fault for signing with them but they are no different to loan sharks. The govt bails them out when they created this whole mess yet they won't do the same for the tay payer when they need help. Rant over for now.Tia
Now that mortgage rates are so low im tempted to change my loan. However I'm with nationwide and they have a 5% erc on the balance. Gutted. I found an article suggesting that these charges are excessive and therefore can be contested. search " fool and redemption charge illegal "and you'll find the article. yes the article is a bit outdated but the reasoning behind it is solid. I've also read an old thread on here that someone successfully challenged it and won but not much more info. Please if anyone has ever successfully challenged the charge or claimed it back I would love to hear about it? I know its a shot in the dark but i hope someone on here can help. It's sickening how banks can charge these ridiculous fees. My fault for signing with them but they are no different to loan sharks. The govt bails them out when they created this whole mess yet they won't do the same for the tay payer when they need help. Rant over for now.Tia