Transfer of equity has changed my ERC?

Waverley7

Hi

I took out a mortgage on a property in 2006 with my wife and my sister, my sister was only on the mortgage to help push it through as I was self employed at the time and my wifes income wasn't enough, my sister never lived in the property or paid towards the mortgage, I could pay the mortgage extremely easily we just had trouble getting the mortgage in the first place.

My deal was a 2 year fixed rate with a 5% ERC and after that the ERC was 1% of balance or 1 months notice.

My sister after 18 months was trying to buy a place of her own and was informed she needed to be off our mortgage, so I did a transfer of equity with the lender (Platform) to take her name off the mortgage, this all went through and it was only after this when I received the annual statement that I noticed that the ERC is now 1% until the end of the term, they have dropped the phrase "or 1 months notice"

I don't have a copy of the mortgage offer I was sent, not sure why, but my questions would be:

1: Is the lender allowed to do this?
2: Is a Transfer of equity a completely new contract?
3: Do I have any comeback on the lender?
4: As I don't have a copy of the contract under the transfer of equity I assumed they changed the details, would they have been allowed to do this?

I intend to contact the lenders to get a copy of the contract to confirm this, but just wanted any advice on how strong any case I may have would be in case I ever wanted to move property in the future.

Any guidance would be most appreciated.

Thanks

DVardysShadow

You are in the right, unless you signed up for the ERC as part of the transfer of equity. But your problem is proving your position.

Waverley7

Thanks for the reply

Would it be normal for a lender to make any changes to a mortgage like this in a transfer of equity? I suppose I was under the impression the only thing changing was the name being removed.