Waiving Early Redemption Penalty

fezster

Hi,

Im new to the forum, so first of all Hi to everyone, and a great, informative site you have here.

I have a 5 year fixed rate mortgage with the Halifax, with a 5 year commitment period of which I am 18 months into. Not really paying much attention to mortgages before, I've now realised I could be saving myself about £150 per month if I went for a cheaper 2 or 3 year fixed deal.

I asked Halifax if I could change, and they say the ERP is £6000 if I change now. The lady mentioned waiving the penalty if I stayed with the Halifax, but then later confirmed that this would only be the case if I was changing properties.

So my question is - has anyone successfully changed to a different rate with the same mortgage provider, or is there any loophole here I could use to do so ? A saving of £150 is pretty massive, so Id like to explore any possibility there is.

Thanks.
Fez.

kenshaz

Yes i moved to another rate with Halifax,but I had no redemption penalty,and I was out of my intoduction rate period ,it was a tracker.Halifax are very inflexible,and they will not move from policy,unless they have made an error ,then you have the upper hand,read there terms and conditions,and ensure they abide to the letter.

fezster

Can you give me any examples which I could look out for where they may not abide by the letter, thus giving me an excuse to ask them to move me ?

kinster_2

Martin has some info on this Website and his book where some Mortgage Lenders allow you to switch to another one of their products with no ERP and then you can remortgage to another Lender. (that's the loophole)