This is my first time refinancing. I would like to find out from you all one thing.

I recently am refinancing my home loan with HSBC (previously Alliance Bank). I'm out of the lock-in period already (more than 5yrs). But Alliance bank is still charging me redemption fees + contingency fees (total 7k). I though the redemption fees/penalty is only applicable when I refinance or settle within the lockin period.

Guess my question is, can they charge me these fees? Because I didn't read anything about it in the loan agreement.

Attached is the letter that I received. What i feel is unfair is that they mention that "we reserve the right to change the redemption sum due to variation of interest rate or other incidental charges".

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