How to escape early redemption fees

charlie02_2

I bought a house with my ex partner in Sept 2008. The relationship broke down and we need to sell the house.
We were in a fixed mortgage for three years.
The early redemption fee is £7000
I wondered if anyone knows any way of getting out of this large fee?

Thanks

opinions4u

No way out.

If you pay the loan off, the fee is payable.

Why would/should the lender waive it?

_Andy_

The fee is what you agreed to. There is no way to 'escape' it - it is what you contractually agreed to.

dwsjarcmcd

There may be a way to reduce it though. Assuming one (or both of you) is buying a new property then you could ask the lender to port your current mortgage to the new property that one of you has bought.

If your new loan is not as much as your previous joint loan, then may at least reduce the ERC's, so if your new loan is 80% of the previous one, you would only need to repay 20% of the ERC's. You may only have a limited to period to do this, say 6 months.

Contact your lender and ask them.

dimbo61

ITs a bad time to sell so why not sit tight and carry on living in the property for another 20 months
Either one of you could stay in the house and take in a lodger to help pay the mortgage !