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Letter R
Redemption charges
These are the charges that are laid down in the mortgage terms and conditions
for redemption of the mortgage.
It should be noted that there are early redemption charges and just redemption
charges the early ones are as a result of redeeming your mortgage prior to a
certain date as predetermined in your mortgage offer. This type of redemption
charge can be quite sever and allows the mortgage company to recoup any losses
they might incur if you walk away from a preferential deal they might of given
you earlier.
Once the early redemption period is over it is not to say that there will be
redemption costs, though the redemption cost at this point will normally small
in order to cover the administration associated with redeeming a mortgage in the
normal course of business.
All these charges should be clearly stated in your original mortgage offer and
form the basis of the mortgage deed that is signed at your solicitors office.
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