Securities Release Fee

[frazzled]

I moved house about 2 months ago and yesterday received a letter from the bank requesting payment of a "securities release fee" in relation to the previous house.
To say I was surprised is putting it mildly. Particularly since the old mortgage and new mortgage are with the same bank. I intend phoning to question it, but was wondering if anyone else had come acrosss this and how you handled it.
Thanks

 

[Sarah W]

It's an administrative fee to cover the work involved in repaying the old mortgage. I'm surprised it wasn't charged on redemption and paid to your solicitor - they must have overlooked it. Worth asking if they will waive it given that you've taken your new mortgage with them.

Sarah

www.rea.ie