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Mortgage Erc's
Want_to_save_money
Posts: 3 Newbie
Hi all,
I have a morgage with Mortgage Express which I would like to pay off as I need to move home. They want to charge me around £10,000 for early repayment. Is there any way out of this? The mortgage was taken out with Kensington, which was then bought out by Morgage Express. As I'm sure a lot of you are aware they was a period between Jan - June when the fee was waivered, but this wasn't a very long period to make a very big decision. Because I took my morgage out with Kensington and was not given any warnig or options at the time of take over, could I use this as a lever?
Many thanks
I have a morgage with Mortgage Express which I would like to pay off as I need to move home. They want to charge me around £10,000 for early repayment. Is there any way out of this? The mortgage was taken out with Kensington, which was then bought out by Morgage Express. As I'm sure a lot of you are aware they was a period between Jan - June when the fee was waivered, but this wasn't a very long period to make a very big decision. Because I took my morgage out with Kensington and was not given any warnig or options at the time of take over, could I use this as a lever?
Many thanks
0
Comments
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Mortgage lenders are free to sell their mortgage books whenever they like, and so it doesn't give you any leverage.
You will have to pay the ERC;s unless Mortgage Express are willing to let you out of the contract have you asked?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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 -
Because I took my morgage out with Kensington and was not given any warnig or options at the time of take over, could I use this as a lever?
The £10,000 ERC didnt change when the new company took over. No terms and conditions changed. Just the logo in the corner.
When things looked very bad the ERC was waived as it was better for that lender to get shot of a liability it didnt really know the status of and lose a bit of money rather than hold on to liability that could end up being a lot of money. Things have improved since then and the need for the lenders to take such drastic action has reduced.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
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