Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Valmike
    • By Valmike 30th Nov 17, 4:39 PM
    • 2Posts
    • 0Thanks
    Valmike
    Avoiding Early Repayments
    • #1
    • 30th Nov 17, 4:39 PM
    Avoiding Early Repayments 30th Nov 17 at 4:39 PM
    Hi,
    I am selling my house. My current mortgage deal ends in December 2018. If I sell my house and pay off the mortgage I believe I will have to pay early repayment charges. Can I hold on to the money that I would get from the house sale that would pay off my mortgage (I don't need a new mortgage as I'm not buying a new house) until my present mortgage deal ends, therefore saving having to pay ERC?
Page 1
    • kingstreet
    • By kingstreet 30th Nov 17, 4:47 PM
    • 32,390 Posts
    • 17,392 Thanks
    kingstreet
    • #2
    • 30th Nov 17, 4:47 PM
    • #2
    • 30th Nov 17, 4:47 PM
    No. The solicitor handling the sale must give unencumbered title to your purchaser's solicitor and does that only by undertaking to repay any charges secured on the property.

    Therefore, you will get only the funds left after the mortgage is repaid.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • BoGoF
    • By BoGoF 30th Nov 17, 4:48 PM
    • 2,726 Posts
    • 1,964 Thanks
    BoGoF
    • #3
    • 30th Nov 17, 4:48 PM
    • #3
    • 30th Nov 17, 4:48 PM
    Of course not.....your mortgage company needs paying before they will release their security. Until they release security nobody can take ownership of the property.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,225Posts Today

6,744Users online

Martin's Twitter
  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • RT @thismorning: With his last deals of the year, @MartinSLewis wishes us all a 'very merry Christmas, a happy Hanukkah and a wonderful and?

  • RT @stoneygran: @MartinSLewis I furtively used a pub toilet last night before getting on the bus and felt really guilty!

  • Follow Martin