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    • plaidparty
    • By plaidparty 16th Oct 16, 6:08 PM
    • 55Posts
    • 69Thanks
    plaidparty
    Avoid Early Repayment fees
    • #1
    • 16th Oct 16, 6:08 PM
    Avoid Early Repayment fees 16th Oct 16 at 6:08 PM
    Hi

    I am hoping to sell my current property but am still in the middle of my initial 5 year fixed mortgage so I assume there will be some early repayment fees. Is there anyone to avoid this?

    I was not planning on buying another property and moving into the house in my husband owns but I wondered if i moved my mortgage to purchase the home from him if I could avoid the repayment fee or at least reduce it?

    Thanks in advance
Page 1
    • amnblog
    • By amnblog 16th Oct 16, 6:11 PM
    • 8,846 Posts
    • 3,364 Thanks
    amnblog
    • #2
    • 16th Oct 16, 6:11 PM
    • #2
    • 16th Oct 16, 6:11 PM
    If you can take the product with you to a new mortgage (porting) you can reduce or eliminate the early repayment charge.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 16th Oct 16, 6:17 PM
    • 51,249 Posts
    • 43,034 Thanks
    Thrugelmir
    • #3
    • 16th Oct 16, 6:17 PM
    • #3
    • 16th Oct 16, 6:17 PM
    but I wondered if i moved my mortgage to purchase the home from him if I could avoid the repayment fee or at least reduce it?

    Thanks in advance
    Originally posted by plaidparty
    You may avoid the ERC's but will incur considerable other costs which may negate any benefit.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • plaidparty
    • By plaidparty 16th Oct 16, 6:41 PM
    • 55 Posts
    • 69 Thanks
    plaidparty
    • #4
    • 16th Oct 16, 6:41 PM
    • #4
    • 16th Oct 16, 6:41 PM
    Thanks.

    Would it be easier for him to gift me the property and then I move my mortgage to the new property. Its below £125k so I don't think there would be any stamp duty.

    Not sure if there is an easier way to do this?
    • Thrugelmir
    • By Thrugelmir 16th Oct 16, 6:50 PM
    • 51,249 Posts
    • 43,034 Thanks
    Thrugelmir
    • #5
    • 16th Oct 16, 6:50 PM
    • #5
    • 16th Oct 16, 6:50 PM
    Would it be easier for him to gift me the property
    Originally posted by plaidparty
    Then you won't be purchasing the property and your partners mortgage will need to be redeemed as well.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • dimbo61
    • By dimbo61 16th Oct 16, 7:07 PM
    • 9,132 Posts
    • 4,971 Thanks
    dimbo61
    • #6
    • 16th Oct 16, 7:07 PM
    • #6
    • 16th Oct 16, 7:07 PM
    How long is left on the 5 year fix ?
    Could you rent out the property for a period of time ?
    • getmore4less
    • By getmore4less 17th Oct 16, 6:29 AM
    • 26,254 Posts
    • 15,792 Thanks
    getmore4less
    • #7
    • 17th Oct 16, 6:29 AM
    • #7
    • 17th Oct 16, 6:29 AM
    Is there a mortgage on the other house.

    Will your lender allow a port to a joint mortgage or a sole mortgage with him living there(assuming he will be)

    if its just you a normal purchase porting your mortgage may be an option.
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