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Early repayment charges on SVR (Alliance & Leicester)
maa299
Posts: 140 Forumite
Hi everyone,
I'm trying to sell my flat which is mortgaged on an Alliance & Leicester SVR. Will I have to pay Early Repayment Charges? Or do those only apply if paying off the mortgage in its initial discount period (I had a discount for 2 years)?
If I'll have to pay anyway, I'll go through the trouble of remortgaging with them to save some money while the flat's on the market.
Many thanks in advance.
I'm trying to sell my flat which is mortgaged on an Alliance & Leicester SVR. Will I have to pay Early Repayment Charges? Or do those only apply if paying off the mortgage in its initial discount period (I had a discount for 2 years)?
If I'll have to pay anyway, I'll go through the trouble of remortgaging with them to save some money while the flat's on the market.
Many thanks in advance.
0
Comments
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ERC's normally only apply whilst you are in a fixed term product period term. If you are in the SVR unlikely that any charges will be applied except for the standard mortgage redemption fees. Which are payable irrespectively.0
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Will I have to pay Early Repayment Charges?
Probably not as most deals for the last decade have not had tie ins beyond the special terms. However, you will need to check your contract to be sure.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 -
Changing products with the same lender isn't a remortgage.If I'll have to pay anyway, I'll go through the trouble of remortgaging with them to save some money while the flat's on the market
If you change while you are in a penalty period, you'll pay the penalty to change, then pay the penalty again when the mortgage is repaid on sale.
Please get some advice from an authorised individual.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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