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Overhang' redemption fees unfair

We have a mortgage with Bristol & West, taken out in April l997 on a five-year "fix" at 7.4%.

We understood about having to pay a redemption fee if we switched before the end of five years, but it seems that we will also have to pay a redemption fee if we want to go elsewhere for a mortgage during the sixth year.

I thought this was considered to be unfair practice. Do we have any chance of moving after the end of the five-year period in April without having to pay a redemption fee?

OG

You are quite right. "Overhang" redemption penalties are considered to be unfair practice, which is why they are rarely used these days, except for exceptionally cheap mortgages.

Unfortunately their withdrawal is not retrospective, so it does not apply to mortgages taken out some years ago. Bristol & West say that "overhang" redemption penalties enabled them to offer cheaper mortgages and that you got a good deal at the time.

They are unlikely to waive the "overhang" penalty outright, but they may make some concession if you remortgage with them. In any case, it's worth contacting them to discuss the matter. They have a helpline: 0117 9432001.

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