Mortgage tie-ins

[neilloffhagen]

Hi,

 

Have just got a reply from the HSBC regarding my DPA request and it has led me to thinking about my mortage (not with them). I have a two year low fixed rate with a penalty clause of six months interest if I want to pay the mortgage off early or change to another lender. As this is phrased as a penalty, is that also "unlawful" in the same way that bank charges are? For if I redeemed the mortgage early it certaintly would not cost them six months interest to sort things out, but they would obviously loss the interest I would have been paying them?

 

Was wondering if I could change lenders and then try and claim the six months interest back?

 

Is this the same or is it diffeent?

 

Thanks

 

Neil.

[neilloffhagen]

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