ERC - any chance of extension??

LFB123

Ok so we bought our current house in June 2012, I thought I was being clever by taking out a 5 year fix with an ERC but 'portable'... We had no intention of moving but lo and behold we now need to move (we've had twins and want to move closer to family). I'm happy to port the mortgage (as are our mortagage lender in theory - I know we have to pass the tests again..).. however they have a 6 month completion to completion window before the ERC applies. And our trouble is we're finding it hard to find a house where we want to move to and can see ourselves ending up renting. So the problems are 1/ I can't see how we can rent somewhere, find a house, give notice on rental and complete elsewhere within 6 months??
2/ Is it possible I'll be able to negotiate a longer completion to completion window with the mortgage co? Eg 12 or 18 months - anyone ever done this? I'm with Accord part of YBS.

I've spoken to them but get through to helpful if junior people who just say 'no ones ever asked so no' rather than think about it. I fear the answer is no and I know it's 'I told you so' but I'm credit worthy, in a good job, happy to keep the mortgage I'm just trying to avoid paying out on the ERC (I know I know I just didn't know my pg would end up being twins etc).

Thanks for your help

Tjrw1985

I will be honest and say, I cannot see how you can avoid the ERC.

Accord are notoriously difficult to deal with (I used to work their parent company) and rarely, if at all, budge.

Choosing only to state, it is policy.

kingstreet

The window means you will pay the ERC when you sell and repay the mortgage and you get it refunded, provided your new mortgage starts within six months.

They won't extend it.

LFB123

Thanks both, that's what I feared. I'm thinking I might formally write and request if they'll be 'reasonable' (aka I know it would be generous) and grant me an extension for 12-18 months (I might be super cheeky and ask for 24 on basis if they give me any I'm v lucky). Nothing ventured, nothing gained but I know it's v unlikely.

If not frankly I think we'll end up buying 'something' rather than a house we would want as the ERC is so hefty. If only I could turn back the clock but it's too late to learn the lesson. Darnit I thought I was being v sensible at the time.
Thanks for your advice and quick response

amnblog

Can you get consent to let and rent it and buy something else?