Early repayment charges

acs_2

I bought a property and im looking to sell it and make a bit of money on it. during this transaction i will be paying the mortgage off. the mortgage lender wants to charge me £1800 early repayment plus £200 admin.

any experts out there know if its possible to get around these charges?

for example could i pay all the mortgage off bar £1000 and pay that off per month untill its all paid...?

apologies if the above suggestion is silly - i dont know too much about this subject.

Thanks in advance!

beecher2

Not possible at all - you agreed to pay the ERC if you left the deal early so you have no option.

ginvzt

If you sell the house, you can't keep mortgage on it (unless you port it to another house). Unless you take variable rate, not tied in at all.

Conrad

Usually the only way you might avoid the charges is to port the mortgage to a new home. Any reduction in loan size will usualy attract a pro rata penalty.