Negotiating Exit Fees?

RGE08

My Partner is wanting to sell her Flat as she lives with me now. She is 2 years into a 6 years fixed rate deal and if she sells will have to pay a penalty of over £3000.

Is their any scope for negotiating with them? I'm 6 months into 2 year Tracker deal with Halifax and when this is up I plan to sell so we can get a joint mortgage on a property together. If we guarantee we will come back to Halifax for this joint mortgage will they waver the fee? Should I get involved and saying I'm remortgaging with someone else?

My property is also shared ownership so I own 50%. How about as soon as she sells hers she buys into the other 50% of mine? Would this effect the situation?

Basically looking for tips on how to avoid this - if at all possible!

Cheers.

koexelek

Really depends who the lender is.

In the past, no one would have budged on early repayment charges, but these days, some lenders are so desperate to reduce their mortgage book, they will sometimes waive the penalty to get rid of a borrower.

dunstonh

.....although dont get your hopes up. The vast majority will not waive a fee and if its a mainstream lender still active in mortgages then there is little or no chance of them waiving it.

koexelek

dunstonh wrote: »

.....although dont get your hopes up. The vast majority will not waive a fee and if its a mainstream lender still active in mortgages then there is little or no chance of them waiving it.

Agreed. I know Northern Rock and a few of the more obscure lenders have waived the penalties, but as you say, a high street lender never will

RGE08

Ok, thanks for the heads up. It wont halm to ask I suppose. Tehn when they say no. I close my bank account with them. And remortgage. And tell them to stick it :-)

Noz

As long as you're not cutting your nose of to spite your face.

opinions4u

RGE08 wrote: »

Ok, thanks for the heads up. It wont halm to ask I suppose. Tehn when they say no. I close my bank account with them. And remortgage. And tell them to stick it :-)

Your call.

That said, you signed up for a deal that costs them money to provide. They're not charging you anything additional that they never told you about.

dimbo61

Could she rent out the flat ?
Bad time to sell and if she can get permission to rent from lender and this covers the mortgage for the next 4 years the flat MAY !!!! have gone up in value.
Check how much is mortgage and how much rent could she get for it.
Can she change onto an IO mortgage and save to put down bigger deposit on the property you want to buy together . Just ideas !!

zoezoe_3

koexelek wrote: »

Agreed. I know Northern Rock and a few of the more obscure lenders have waived the penalties, but as you say, a high street lender never will

Hi, sorry for jumping in. I posted a simular question yesterday but didn't get a reply. My exit fees with NR are nearly 10k. What is the best way to approach them about waiving these??

Many thanks in advance

koexelek

zoezoe wrote: »

Hi, sorry for jumping in. I posted a simular question yesterday but didn't get a reply. My exit fees with NR are nearly 10k. What is the best way to approach them about waiving these??

Many thanks in advance

Simply ring and ask them if they would waive the penalty if you were to move the mortgage elsewhere.

Tell them that you have heard that they have done this for other borrowers. ( which they have).
You might strike it lucky.

A while back, they were desperate to get rid of mortgages. They may not be now though.