Mortgage charges... early settlement

loopy1_2

Hi!

Hope you can help. We're in a financial hole and are trying to avoid bankruptcy so we're selling our house which has about £30K equity in it before someone takes it off us. We haven't defaulted on anything but it's getting close to it.

We took out a 5 yr fixed term mortgate in June 08 (yes..nightmare!) but our only option is to sell ASAP. Our mortgage is about £340K would anyone have an idea of what charges we'd be looking at from the Nationwide.

Any advice would be a great help, especially any tips on how to avoid as much as possible getting truely stung.

Thank you!!:o

luckyfool

Probably around 4-5% on a 5 yr fixed rate as you are in the 2nd year.

beecher

It'll tell you in your mortgage offer and statement.
If you look at your offer, find section 10. What happens if you do not want this mortgage any more?

and it'll give you details of the Early Repayment Charge,

and if you look at your Statement, you'll see Redemption Details

loopy1_2

Just checked and it's a spit short of £10K ouch ouch ouch!!! I don't suppose they'd negotiate under the circumstances? Any tricks, tips, grovelling possibilities with the Nationwide?

beecher

loopy1 wrote: »

Just checked and it's a spit short of £10K ouch ouch ouch!!! I don't suppose they'd negotiate under the circumstances? Any tricks, tips, grovelling possibilities with the Nationwide?

Can't see why they would negotiate unfortunately - think you'll just have to accept you have to pay it if you want to sell.

loopy1_2

Oh gulp!!

Thank you for the help!

getmore4less

In another post you say £10k equity and Credit card debt mountain

What is the total debt and how will selling solve this.

Have you gone through the finances in detail to make sure that any action you take will solve the bankruptsy problem or are you just guessing and hoping.