Bradford & Bingley

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Can anyone explain to me exactly what a redemption payment is please please?

Thanks

-- (lisa_foxy@yahoo.co.uk), January 03, 2004

Answers

whoops sorry its a .com email not a co.uk

-- (lisa_foxy@yahoo.com), January 03, 2004.

A redemption payment is the full payment due to the mortgage company when you want to repay your mortgage,including maybe a charge for repaying your mortgage to early.

-- Brendan McKeever (bpmckeever@AOL.COM), January 05, 2004.

If there was a mortgage for 17000 and a property was sold for 30000 and a redemption payment was made of 11000. where does the remainder of the money fromthe sale ofthe property go?

-- (lisa_foxy@yahoo.com), January 05, 2004.

The mortgagor (i.e. like you) gets it AFTER fees for the legal and estate agency work are taken off.

-- David J. Button (davidjohnbutton@supanet.com), January 08, 2004.

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