Mortgage Redemption Rights Explained

Summary

The doctrine of redemption allows borrowers to redeem property before foreclosure by paying off the mortgage debt. In the UK, you can argue that the bank should apply surplus funds to the mortgage redemption if it helps fulfill this right. Review your mortgage agreement for relevant clauses and seek legal precedents supporting this argument. Consulting a solicitor specializing in mortgage law can provide tailored advice.

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U.K.
In the UK, mortgage redemption involves the full repayment of the outstanding mortgage balance. To argue your case, consider these points:
- Review your mortgage agreement for clauses on surplus fund application.
- Highlight any legal precedents supporting surplus fund utilization for redemption.
- Consider seeking advice from a solicitor specializing in mortgage law.
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