Advice needed

davidqu

Hi

My current mortgage deal ends on 31st August 2013 and our new one starts 1st September, we committed to the new deal about 4-5 weeks ago

I've now decided that my savings aren't giving me enough return and would like to pay my mortgage off. My current deal I would have to pay a £991 early repayment charge

My question is if I hadn't agreed to the new deal starting the 1st September would I have been able to repay my mortgage with no fee come 31st August AND because technically my new deal hasn't started yet, can I get out it and pay my mortgage off without a early repayment fee?

I've read that back and doesn't read great but hopefully somebody can digest it, any advice welcome

Thanks in advance

bigadaj

If you've committed to a new deal, ie signed a contract then you're due to pay the erc. Do the sums and see if its worthwhile, see if you can increase money elsewhere such as paying down other debts, pension contributions, shares isas etc but be mindful of risk.

kingstreet

If the new product has not yet started, you should be bale to withdraw. Ask lender.

davidqu

kingstreet wrote: »

If the new product has not yet started, you should be bale to withdraw. Ask lender.

I called the mortgage centre but its sounds to me as if its just a call centre, I asked the agent and he said I'm tied in but tbh he never really sounded that convincing when I was asking the question?

amnblog

Ask to speak to a Manager at the service centre.

Thrugelmir

davidqu wrote: »

Hi

My current mortgage deal ends on 31st August 2013 and our new one starts 1st September, we committed to the new deal about 4-5 weeks ago

Are you switching lenders?

davidqu

Thrugelmir wrote: »

Are you switching lenders?

Nope it was the same lender, rbs-rbs. Does that make it easier to cancel the agreement commencing 1st sept?