Need a new mortgage - no idea!!

Ivrytwr3

Early Repayment Charge:

Repayment occurs in month:

1 to 62 (until 31st December 2010)

basis of charge:

3.00% of amount repaid

The maximum you could pay is £2,601.69

So if i have £76k left, does that mean the ERC will be approx £2280? or is it 3% of amount of money i have ALREADY paid back (ERC approx £240)

So confusing!

beecher2

Ivrytwr3 wrote: »

So if i have £76k left, does that mean the ERC will be approx £2280? or is it 3% of amount of money i have ALREADY paid back (ERC approx £240)

So confusing!

It'll be 3% of £76k so £2280. A lot of money to pay so close to the end of the term - worth looking at the figures again to see if you can possibly stay within the 85% LTV.

dimbo61

The maths on this just dont add up and you will lose out big style.
I cant understand why the 3 years deal with A&L would cost more than a 5 year deal with coop and feel its madness to pay £2280 in ERC when £4000 extra deposit could aviod this and stay with existing lender.
prices are not going up at the moment.
Speak to A&L who may allow you to port mortgage over to another property upto 6 months after you have sold your existing place , Rent somewhere cheap for six months ! save like mad while buying your new home and dont pay any ERC, s if you can help it.