waive ERC

ross1892

hi all

has anybody had any joy in getting ERC waived. We are currently looking to move house and have a mortgage of £99,000. We are looking to borrow another £81,000 so in total we would be borrowing £180,000.
The snag is we are just entering the last year of a 5year fixed at 5.67% and alliance and leicester want £3000 to come out of it early to borrow the full 180k instead of 2 separate rates for the above amounts. I have been with them for 6 years now(mortgage) and also hold a savings account with them.

Anybody with experience of getting these fees waived

somethingcorporate

Unfortunately there is absolutely no incentive for the lender to do this hence it will not happen.

There have been some incredibly rare instances where it has occured with sub-prime trying to offload their mortgage books but with a mainstream lender you have no chance.

nomoneytoday

Can you wait until the 5th year is up, and save the £3k ?

Thrugelmir

Why not just borrow the additional sum and leave the existing mortgage as is.

herbiesjp

You could indeed look to port your current deal, and take the extra borrowing on a new deal.

However, as is the norm with any new borrowing or porting deals, you need to meet current lending criteria.

ross1892

i have had a quote and i will take a 2nd mortgage for the remaining amount. Bu t i have lodged a complaint with A & L and the lady on the phone said that i may get the ERC amount reduced so fingers crossed.

Cheers