Exit fees

sophievenusdoom

Hi all,

When we incepted our mortgage in July this year, we took it out on a 2 year tracker mortgage. My IFA sent me an Email after we completed stating that he would basically be in touch in 2 years when the deal came to an end.

My question is; if he re-mortgages with another lender, will we have to pay an exit fee? Likewise, if he remortgages with the same lender will we have to pay an exit fee for "exiting" the current deal?

Many thanks

Wutang_2

Does it not say on your paperwork (eg the mortgage offer)?

opinions4u

sophievenusdoom wrote: »

Hi all,

When we incepted our mortgage in July this year, we took it out on a 2 year tracker mortgage. My IFA sent me an Email after we completed stating that he would basically be in touch in 2 years when the deal came to an end.

My question is; if he re-mortgages with another lender, will we have to pay an exit fee? Likewise, if he remortgages with the same lender will we have to pay an exit fee for "exiting" the current deal?

Many thanks

Some do. Some don't. All mortgages aren't the same, so you need to check your paperwork.

The Mortgage Offer and Key Facts are the best starting point.

Additionally, you don't have to use the same broker if you don't want to. You don't even have to remortgage after two years.

_Andy_

sophievenusdoom wrote: »

Hi all,

When we incepted our mortgage in July this year, we took it out on a 2 year tracker mortgage. My IFA sent me an Email after we completed stating that he would basically be in touch in 2 years when the deal came to an end.

My question is; if he re-mortgages with another lender, will we have to pay an exit fee? Likewise, if he remortgages with the same lender will we have to pay an exit fee for "exiting" the current deal?

Many thanks

Hi Sophie

If you check the KFI (Key Facts Illustration) or mortgage offer, all fees (including exit ones if applicable) will be on there.

sophievenusdoom

Thanks guys - I will check this over the weekend :-)