How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Jeremy Aldermartin Your Own Question
Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Law
Satisfied Customers: 10329
Experience:  Dual qualified Solicitor and Attorney
65242892
Type Your Law Question Here...
Jeremy Aldermartin is online now

My wife and I took out a equity release lifetime mortgage

Customer Question

My wife and I took out a equity release lifetime mortgage and 2 years ago we increased our loan amount with the same provider and were charged an excess, is this correct?
JA: Where are you? It matters because laws vary by location.
Customer: England
JA: What steps have you taken so far?
Customer: Haven't taken any steps to date but have enquired with our provider if we need another increase would we have yo pay another etc and we're told we wouldn't have yo pay so wondered why we were charged 2 years ago
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 15 days ago.
Category: Law
Customer: replied 15 days ago.
What steps should I take to recover our erc payment. Should I contact the provider or should I inform the financial ombudsman service?
Expert:  Jeremy Aldermartin replied 15 days ago.

Hi thank you for your message, please note that I will look to provide an accurate but nevertheless speedy reply to your inquiry. I will endeavour to help you today.

Expert:  Jeremy Aldermartin replied 15 days ago.

If by excess you mean a fee for increasing your loan amount then yes you can be charged this. I trust this assists

Customer: replied 15 days ago.
No that is not the case, I refer to the fact that we were charged a redemption fee even though we increased our loan amount with the same provider
Expert:  Jeremy Aldermartin replied 15 days ago.

You could be still charged a redemption fee if the original loan was repaid with the proceeds of the new loan and then a new loan issued for the original amount plus the extra borrowed same as if you remortgage and increase the amount borrowed. I trust this assists