This petition is now closed, as its deadline has passed.
We the undersigned petition the Prime Minister to End the Practice of Early Redemption Charges demanded by Mortgage Companies. More details
Submitted by Martin Johnson – Deadline to sign up by: 12 June 2007 – Signatures: 280
Many Mortgage Companies, especially sub prime lenders, are charging extortionate fees for the early redemption of a Mortgage. These are often well in excess of the actual costs involved and as such should be treated like unlawful bank charges. The contractual provision that permits these companies to levy such charges should be unenforceable by virtue of the Unfair Terms in Consumer Contracts Regulations (1999), the Unfair Contract Terms Act 1977 and the common law.
Martin Johnson, the Petition Creator, joined by: