Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Help re ERP!
adtheblue2
Posts: 1 Newbie
This is my first post and I'm hoping someone can help me as there does look to be some very good advance on here.
We've got a fixed rate (but transferable) mortgage with A&L with a 4% ERP but we're going to have to downsize our house to reduce our mortgage/monthly outgoings.
If we do that will we have to pay the full ERP's on our full mortgage balance or will we only have to pay the ERP on the difference between our current mortgage and the new lower mortgage (still with A&L).
Hope someone can give help.
Many thanks
We've got a fixed rate (but transferable) mortgage with A&L with a 4% ERP but we're going to have to downsize our house to reduce our mortgage/monthly outgoings.
If we do that will we have to pay the full ERP's on our full mortgage balance or will we only have to pay the ERP on the difference between our current mortgage and the new lower mortgage (still with A&L).
Hope someone can give help.
Many thanks
0
Comments
-
The best person to ask would be your lender and ask for their reply to be confirmed in writing................................I have put my clock back....... Kcolc ym0
-
The difference, so if your mortgage is for 100k, and it goes down to 50k, you will pay half.0
-
You need to contact your lender and read the T&C,s of your mortgage offer.
If you sell up and downgrade the LTV might increase or decrease so its up to them if they will offer you a new mortgage at all.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards