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redeeming mortgage within fixed term
ttaylor
Posts: 78 Forumite
Is this a big no-no? My brother is looking to sell his house but still has a year left of a 2 year fixed term. I think the fee he would have to pay is about 3% and could be around 2.5k. Is he better off waiting and selling in a year?
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Comments
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He'd be £2,500 better off if he waited until the ERP period expired.
We'd can't say how 12 months might affect the price he can obtain for the property.
I presume he doesn't plan to purchase another property when he sells this one? If he does, he should take a new mortgage with the existing lender and port the rate from the old one to avoid the penalties.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
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