Avoiding Early Repayment Charges

BoomBoom_2

Hi,

Having sold my house I have been told by my lender that I will have to pay £5,000 early repayment charges if I don't transfer my mortgage within 90 days to another property.

As I may not have found a suitable property within the 90 days would it be possible to transfer my mortgage onto my parents property to avoid these costs?

Any advice would be appreciated.

danjberry

you could do but you would be buying their property so the property will be in your name are they happy for you to buy this off them? and all fees will need to be paid such as val, legal fees, stamp duty if these are applicable.

BoomBoom_2

Thanks for the response danjberry.

It could prove more hassle than it's worth and with their property valued at just under £1million it could cost me considerably more than the £5,000 fee I am trying to avoid!!

However, it would be nice to think that at the age of 26 I own a million pound pad

david29dpo

you should have known about this payment before you sold your house. not a lot you can do about it now.

MortgageMamma

Will you not be buying another property? Have you completed on your sale? Have you thought about porting your mortgage to avoid the ERC#s?