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Mortgage Balance £1 Conditions
abandonded
Posts: 308 Forumite
I have been told by Northern Rock that if pay off my mortgage but leave a £1 balance on my account, I can avoid paying a £1500 ERC. What I cant seem to get out of them is what conditions are attached should I decide to do this. I can find no details in my contract and wonder if anyone else has accepted the £1 offer from NR and if so, what strings were attached?
Abandoned
0
Comments
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Your mortgage is governed by the same terms and conditions whether you owe £1 or £100,000.
As for the fixed product, providing the mortgage isn't redeemed during the product period no ERC is payable.
So when the term has expired ask for a mortgage redemption figure.0
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