mortgage early redemption query

essexspark

i am in the process of selling my house, but in have 3 yrs left on a 5yr fixed rate mortgage, early repayment fees are huge, how can i reduce these or even get them cancelled. the mortgage is with chelsea building society

many thanks in advance.

Welsh_Totster

Are you going to purchase another house? if so you could look into porting your current mortgage over to the new property avoiding paying early redemption fees. Otherwise, Im not sure if there is a way out of it as its a binding contract.

essexspark

not buying another house, going into rented as relationship has broken down

thanks for the reply

Welsh_Totster

I hope someone else will have the answer youre looking for on here then. Good luck!

essexspark

thanks for your time totster

Milliewilly

essexspark wrote: »

i am in the process of selling my house, but in have 3 yrs left on a 5yr fixed rate mortgage, early repayment fees are huge, how can i reduce these or even get them cancelled. the mortgage is with chelsea building society

many thanks in advance.

Simply you can't its part of the cancellation policy you agreed to when you signed up. The Chelsea may have done a deal if you were buying another house at their discretion but as you're moving into rented the fees will be taken from the proceeds of the sale via your solicitor.

clutton_2

you can always ask.....

mortgage express are currently offer "no penalty" early repayment deals... you could ask your lender to do the same.. but do ask to speak to a supervisor... your average call centre operator wont have the authority to say yes or no

G_M

It's one of the downsides of fixed rate deals. They give you certainty and protection from rate rises during the period, you agree to stay with them, or pay a penanlty, during the period!

Milliewilly

clutton wrote: »

you can always ask.....

mortgage express are currently offer "no penalty" early repayment deals... you could ask your lender to do the same.. but do ask to speak to a supervisor... your average call centre operator wont have the authority to say yes or no

For what possible reason will the Mortgage company negotiate on early redemption fees on a product sold nearly 2 years ago? They may agree to give some back if you take another product from them within a specified time frame but thats about it. They will take their fee out of any proceeds first anyway. This happened to me with Cheltenham and Gloucester about 10 years ago. In the end it was cheaper to cancel & pay the fee and get a better mortgage deal anyway.