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Redemption
penalty |
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| If you decide
to change UK residential and buy to let mortgage providers within a certain period then you could encounter
a fee known as the redemption penalty. Redemption penalties are
usually put in place to prevent mortgage borrowers getting a mortgage from switching mortgage providers. If
your mortgage carries a redemption penalty with it then find out exactly what
length of time it applies to and how much it would be. Redemption penalties can
be steep so it is of vital importance that you find out about this beforehand. |
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