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Mortgage penalties - selling early
Jacster_2
Posts: 1,192 Forumite
Hi all
Looking for some help and advice....
A friend of mine took out a 5 year fixed rate mortgage 1.5 years ago. He is now keen to sell his flat and is looking for ways not to pay the £1800 fee for leaving the deal early!:eek:
Does anyone have any experience of getting out of these payments, or any suggestions on how to circumvent the payment.
All suggestions gratefully appreciated!!
Many thanks
Jacster:D
Looking for some help and advice....
A friend of mine took out a 5 year fixed rate mortgage 1.5 years ago. He is now keen to sell his flat and is looking for ways not to pay the £1800 fee for leaving the deal early!:eek:
Does anyone have any experience of getting out of these payments, or any suggestions on how to circumvent the payment.
All suggestions gratefully appreciated!!
Many thanks
Jacster:D
If it was easy, everyone would do it!
0
Comments
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Tough basically.
He took a deal at a special rate and signed a contract (often done in front of a solicitor) whereby if he cancelled the deal early, he paid a penalty. He signed to agree that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If he is looking to buy another property, he may find that his current mortgage deal is portable meaning that the lender may allow him to transfer the mortgage to a new property without having to pay the penalty. he will need to check his original mortgage offer or, if in any doubt, speak to his lender or a whole of market broker.
Hope this helpsI am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, 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.0
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