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Avoiding early repayment charges?
tonyb2009
Posts: 2 Newbie
I've just put my house on the market and my mortgage early repayment charges expire in April 2010.
I'm wondering, in theory, if I sold the house before April, can I simply continue to pay the monthly mortgage fee until after April 2010 to avoid the early repayment charges?
But I can imagine it is not that simple and maybe I am obliged to pay it back as soon as a sale completes.
Does anybody know about this?
Thanks,
Tony
I'm wondering, in theory, if I sold the house before April, can I simply continue to pay the monthly mortgage fee until after April 2010 to avoid the early repayment charges?
But I can imagine it is not that simple and maybe I am obliged to pay it back as soon as a sale completes.
Does anybody know about this?
Thanks,
Tony
0
Comments
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No. The mortgage gets repaid out of the proceeds of sale because it is a loan secured against your ownership of the property.I'm wondering, in theory, if I sold the house before April, can I simply continue to pay the monthly mortgage fee until after April 2010 to avoid the early repayment charges?
Some lenders may offer to waive the ERC in the final 3 months - ask and get confirmation IN WRITING if they say they do.0 -
Yep, seemed too good to be true - thanks for reply.0
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