can anyone help? re Early Repayment Charges

sexynursebex

nurse being riped off again!
I took out a shared equity loan in 2005 with Abbey I fixed in 2008 for 5 years. I am now looking to move to house still shared equity this time with tower homes and abbey wont let me port to the house as they are no longer doing shared equity schemes. They are saying I still have to pay 2860.17 plus 225 admin to leave they abbey. How can they make me pay for leaving them early when they wont port? do I have any options to not pay?

_Andy_

Porting is never guaranteed. Your situation is frustrating but you're not being 'ripped off'.
Not sure what the reference to being ripped off 'again' means.

dunstonh

There is no rip off here.

Porting is always subject to lending criteria being met. You dont meet their current lending criteria so they are quite correct in refusing you. If you did meet their criteria they would allow you to port the mortgage.

You chose to be in that mortgage deal and Abbey would incur losses if you remortgage so the ERC is quite valid and fair as it is there to protect them from those losses. Its not as if you didnt know about them before you signed up to the deal. There are plenty of areas you can have a go at lenders but this isnt one of them.