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Early Redemption Fees on Repossesion

from Simon Cooper (simon89@attglobal.net)
Nat West Home Loans is (was) the lender. Nat West foreclosed on our property, not because we did not have money, but becuase we were in dispute over and overdraft on our NatWest current account. At the time we were living overseas and had the property rented. Closing the current account made it so that we did not have UK bank account to pay the mortgage, and if you are overseas you can not open a new UK bank account.(Catch 22). Nat West solicitors gave us 14 days to pay the mortgage or lose the house. Given negative equity etc we chose to pay off the morgtage, wiring the funds to the bank soliciors. NatWest demanded many thousands of pounds in early redemption fees becase we had bought out the mortgage - rather than lose the house. My question is - was it legal to have to pay the redemption fees given that NatWest was foreclosing on the morgtgage. Can I fight them over this? Is there any case law? Any helpful advice appreciated.
(posted 7621 days ago)

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