moving home £1800 exit fee

jatbaws

just sold my house and have to move in november proplem is there is a £1800 exit fee which is up in jan 09 if i over pay next month by 1 month then take a months pay holidy would i still have to pay the exit fee

_Andy_

Doesn't sound like an exit fee, I'd guess it's an early repayment charge, so yes you would still have to pay this.

dunstonh

early repayment charges exist if you buy a special offer deal. Such as a cashback, discount or fixed rate. If you exit during the tie in for that deal then the bank will charge a penalty to recover their costs.

If you sell the house and redeem the mortgage during the tie in then you will have to pay it. It is also quite a fair and legal fee.

If you sell the house in november you cannot keep the mortgage until January. If you are buying again then you could port the mortgage if you meet current lending criteria.