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IFA in plea over £2.7k charge on widow

An IFA is calling for a mortgage lender to refund a £2,700 early repayment charge made on a widow after her husband’s death.

Sam Davis, who has three young children, says Redstone Mortgages has ref- used to waive the penalty despite being aware of her circumstances.

Her husband Darren died in August and the £70,000 mortgage had been covered by a Norwich Union insur- ance policy.

But Redstone insists it has not received a complaint from Mrs Davis. It says it is prepared to consider the case once it has full details.

The loan was taken out with Amber Homeloans in January but was then sold on to Redstone, which has a policy of applying the early redemption charge even in the event of death.

Sillars McLeod head Stuart Stojkovic has been advising Mrs Davis and he says: “The client has made it clear to Redstone what the circumstances are but the fee is not being waived.”

Redstone director Simon Potter says: “When we rec- eive the full information, we will consider the case on its merits.”

Hamptons International Mortgages managing dir- ector Kevin Duffy says: “Not all lenders will refund the charge. It is more likely that provincial banks and building societies will.”


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