Beware of Mortgage Redemption Fees

[Administrator]

With the bmortgage/b market as competitive as it has ever been and with interest margins being eroded, lenders are increasing these fees to try to recoup some of this lost revenue but also to try to deter customers from switching their b.../b

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(Source: Google Blog Search)

[adamadam]

I have a querry , what is the redemption fees?

[crashpad]

Redemption fees (also known as discharge fees or exit fees) are charged by lenders when you pay off your mortgage or switch to another provider to compensate for staff, legal and administrative costs. So if you expect you've settled your mortgage once the final month's payment has been made, think again. Some lenders even charged more than what has been stated in the contract.

[Californiagirl]

I was wondering about redemption fees as well, so thank you for sharing. Very helpful information

[crashpad]

Originally Posted by Californiagirl

I was wondering about redemption fees as well, so thank you for sharing. Very helpful information

Glad to help out!

[Erwin]

This is existing fee or redemption that exists when the agreement among the parties for loan is over. if there are some sneaky charges to be paid they are then settled down.