NEW Mortgage Exit Fees Discussion

tabskitten

Ok i would be really thankful for some advice:

I have 3 properties, two which have been renting out and 1 we live in, we have decided to move to the states and i want to sell up in this country but i am very confused as to what happens should i sell, i.e if i terminate the mortgage early i think i get charged is this right?
looking through the paperwork it looks like this.....
1. In Tidwoth, empty at present ,BIM mortgage and early termination charge I think is past- am putting on market.
2. In Bristol, rented out but i want to sell it BiM mortgage if I terminate early stand to be charged £3850 but still really want to sell it, although only just out of -ve equity!
3. Near Manchester , took out mortgage may last year and stand to be charged £7614 if terminate early

So is there any way that I can not pay these charges as it is the difference between being able to sell the properties or not as i am only just out of -ve equity as it is.......

Cool_man

thumps up for your article, great post...

_Andy_

Please will someone delete this spammer..

MarkyMarkD

tabskitten wrote: »

Ok i would be really thankful for some advice:

I have 3 properties, two which have been renting out and 1 we live in, we have decided to move to the states and i want to sell up in this country but i am very confused as to what happens should i sell, i.e if i terminate the mortgage early i think i get charged is this right?
looking through the paperwork it looks like this.....
1. In Tidwoth, empty at present ,BIM mortgage and early termination charge I think is past- am putting on market.
2. In Bristol, rented out but i want to sell it BiM mortgage if I terminate early stand to be charged £3850 but still really want to sell it, although only just out of -ve equity!
3. Near Manchester , took out mortgage may last year and stand to be charged £7614 if terminate early

So is there any way that I can not pay these charges as it is the difference between being able to sell the properties or not as i am only just out of -ve equity as it is.......

Sorry this didn't get answered earlier.

No, there's no way of avoiding the charges which are in the contract you signed up to.

If your rental income covers the mortgage, it would be financially better to get an agent to manage the rental arrangements (or to start them up for the one you currently live in, if rental could cover the mortgage) and then sell up after the end of the Early Repayment Charge period.

If you don't have the cash to clear the negative equity, I can't see any other sensible option.

davy_fulla

We took a 5yr fixed rate mortgage with northern rock 4yrs and 3months ago. We're looking at getting a bigger house now as we've outgrown this one. Ive spoken with northern rock today to ask about possible penalty charges and was shocked to find we would get hit with around 2 and a half grand in charges if we end the mortgage before October. I mentioned that when I originally read the mortgage documents it said that if I took a higher mortgage with them I wouldn't be made subject to early repayment charges - however as they aren't giving any new mortgages out then this isn't an option.

Great stuff eh?

The girl mentioned I could end the mortgage and may able to claim a refund on the early repayment charges although she couldn't explain what would or would not make me eligible for a refund?!?!?! This refund window is also for a limited time although they don't know how long for?!?!

Anyone had experience of this 'refund' procedure?

Cheers

pauline1245

:huh:
is there a time limit to how far back you can claim....?
any advice would be welcome...Thanx

dunstonh

pauline1245 wrote: »

:huh:
is there a time limit to how far back you can claim....?
any advice would be welcome...Thanx

There is no real time limit on how far you can go back. Although most didnt start increasing them until the early 2000s (typically around 2003 onwards.

triggerhappyuk

tabskitten wrote: »

Ok i would be really thankful for some advice:

I have 3 properties, two which have been renting out and 1 we live in, we have decided to move to the states and i want to sell up in this country but i am very confused as to what happens should i sell, i.e if i terminate the mortgage early i think i get charged is this right?
looking through the paperwork it looks like this.....
1. In Tidwoth, empty at present ,BIM mortgage and early termination charge I think is past- am putting on market.
2. In Bristol, rented out but i want to sell it BiM mortgage if I terminate early stand to be charged £3850 but still really want to sell it, although only just out of -ve equity!
3. Near Manchester , took out mortgage may last year and stand to be charged £7614 if terminate early

So is there any way that I can not pay these charges as it is the difference between being able to sell the properties or not as i am only just out of -ve equity as it is.......

Sorry no way to avoid, unless you can find a mortgage company willing to refund it if u switch over to them

kirkofski

Hi,

I'm currenlty 15 months short of finishing my 5 years fixed rate with the nationwide. I currently owe 56k and someone mentioned to me that maybe I could try and come out of the fixed rate period and move to the variable rate.

Before I go in and ask them I was wondering what fee they may charge me to do so and what their variable rate is currently? I've looked on their website but cant find what i'm looking for(i'm no expert with the internet).

My current interest rate is 5.18%.

Thanks

_Andy_

kirkofski wrote: »

Hi,

I'm currenlty 15 months short of finishing my 5 years fixed rate with the nationwide. I currently owe 56k and someone mentioned to me that maybe I could try and come out of the fixed rate period and move to the variable rate.

Before I go in and ask them I was wondering what fee they may charge me to do so and what their variable rate is currently? I've looked on their website but cant find what i'm looking for(i'm no expert with the internet).

My current interest rate is 5.18%.

Thanks

Nationwide don't allow you to do that,