Early Re-payment charge, excessive?

dimbo61

We are now in the middle of January and you can remortgage come september with some lenders allowing you to book deals upto 6 months in advance so get looking and wait until the fix ends and hence NO ERC!

smitchy73

I might answer your question straight, the ERC does seem a little high considering you only have a few months to go. Ours has till December, but I'm already looking around, and have been told that come that 6 month time, I'd only have a few hundred to pay back, it was through Halifax and was a 3yr fixed rate, in the 1st of the 3 yrs it would have been alot more, but now in last months, it's a lot less.

Maff26

Does anyone know that if a house was subject to a repossession order then sold with negative equity, that the ERC still applies? My previous (maritial) home was sold for £17,000 less than was remaining on the mortgage then Santander added approx £23,000 in charges which included a £9,800 ERC.

Thanks

Let_Us_See

Yes.....the provider can chase you for any shortfall. I believe the timescale is up to 12 years.

davidscot

dunstonh wrote: »

you are not getting it in the neck. You've been on this board often and long enough to know what getting it in the neck can really be like!!

However, certain wordings could potentially encourage blunter responses such as:
is it rather excessive? - you agreed to it so why not query it when you bought it.
yes I guess I must have signed up for it -without reading the small print - you didnt read the contract or the KFI but try to blame in on small print when it isnt. Use of angry smiley doesnt help.

If you want to see getting it in the neck, do a post saying you have been mis-sold when you havent been and its clearly your own error. Thats when you want a flack jacket on - smiley added to ensure you take the post in the way its meant

That's me told off then :T Understood