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Wiggling out Early Repayment Charge
katy123
Posts: 365 Forumite
Hi
ING is transferring their mortgage book to Barclays, I'm not a big fan of Barclays and recently closed down all my accounts with them. I'm reluctant to have my mortgage transferred to them and was wondering if there are any grounds/legal rights for me to request a remortgage to another company before the transfer is complete without incurring the early repayment charge considering. I believe that the transfer may adversely affect me , so a transfer out should be penalty free. The ERC is 2% of £150k. THanks.
ING is transferring their mortgage book to Barclays, I'm not a big fan of Barclays and recently closed down all my accounts with them. I'm reluctant to have my mortgage transferred to them and was wondering if there are any grounds/legal rights for me to request a remortgage to another company before the transfer is complete without incurring the early repayment charge considering. I believe that the transfer may adversely affect me , so a transfer out should be penalty free. The ERC is 2% of £150k. THanks.
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Comments
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It is unlikely that your terms and conditions will be changed, so you'll have no free pass to leave without paying an ERP.
Wait until your current product ends, then remortgage away.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Why do you think the transfer " may adversely affect you"?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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customer service levels at Barclays are shocking, also their business culture is shocking leading to all those ppi & swap mis-selling0
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I'm not sure that not liking a company is the same as being adversely affected by the transfer. I appreciate you don't like them, but unfortunately I doubt that will cut it. Worth asking the question though, the worst that can happen is that they say no.0
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was wondering if there are any grounds/legal rights for me to request a remortgage to another company before the transfer is complete without incurring the early repayment charge considering.
A change of logo on the letterhead is not a change of contract. So, no, there are no grounds for what you want.I believe that the transfer may adversely affect me , so a transfer out should be penalty free.
No-one else will believe that though.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I understand it will still be an ING team looking after the mortgage as their systems can't integrate into the Woolwich mortgage systems. Just see it as an incentive to perhaps leave them once the deal expires0
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I'm reluctant to have my mortgage transferred to them and was wondering if there are any grounds/legal rights for me to request a remortgage to another company before the transfer is complete without incurring the early repayment charge considering. I believe that the transfer may adversely affect me , so a transfer out should be penalty free.
The terms and conditions of the mortgage offer which you signed. Allow ING to sell your mortgage to however they wish.
Why would the transfer adveresly affect you?
As contact with ING with regards to your mortgage is I suspect minimal.0
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