I took a 10 year fixed rate mortgage in 2007 at 5.39% with Woolwich/Barclays. Now 6 years on and due to the interest rates being very low I am looking to change - the issue is that the penalty for moving away from this mortgage is 6% of the outstanding balance which seems excessive to me. I have seen the posts re reclaiming fee's on changing a mortgage but I have not seen any info relating the above type of penalty. I would like to challenge the lender on this but I am not sure if I have any chance of being successful. For obvious reasons my aim is to reduce the interest payable on my mortgage payments.
I wonder f anyone can help it would be greatly appreciated.
I wonder f anyone can help it would be greatly appreciated.