What is the justification of Banks and Building Societies slapping a redemption charge on you if you choose to settle a mortgage or loan before the end of agreed period? Even more so if the financial institution has been taken into public ownership. I ask this, because I recently requested a settlement figure from my building society (who had millions of taxpayers money pumped into it to stop it collapsing) so that I would know exactly how much equity I would be left with once my house has been sold. Imagine my disappointment when I received a letter stating that besides an early redemption charge, I would also have to pay 3 months interest and a Discharge of Mortgage fee. Once they had all been totalled up the figure came to an extra £5,000. Sickening, when you consider they charge you interest for everyday the mortgage is outstanding. Are these charges justified or not? What do you think?
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