Question about selling up and paying off mortgage, pls help..

cliffg_2

Hello all,

I have accepted a job abroad and need to sell my house, someone said because I'm paying off the mortgage early I'll need to pay £thousands in costs to the mortgage company as a penalty for finishing early? Is this true?
I do have a two year fixed deal at the moment, and I think there is a £200? (approx) fee if I switch mortgage providers before that deal expires.

It's worrying me at the moment based on what this person said about £thousands..?!

calleyw

you need to look at the small print on your mortgage paper work.

Often if you are locked in to a deal they often charge silly amounts to get out of.

Until you look at the paper work or phone the mortgage company don't worry about it.


Yours



Calley

Redbedhead

There may be a mortgage redemtion penalty for early repayment. It is calculated depending on how much you have on the mortgage and how long left on the deal I believe.

Taadaa

Example: We have two years left on a fixed rate deal, mortgage outstanding £51k. Portman will charge us £1650 plus £200 admin fee.

Speak to your lender; there will be a charge, but there's no point in worrying about the size it will be until you know what size it will be!

keeperbear

cliffg wrote: »

It's worrying me at the moment based on what this person said about £thousands..?!

Rather than worrying about it, why not look at your mortgage paperwork or phone you mortgage lender for clarification?

MarkyMarkD

As an alternative to selling your house and incurring an ERC, you could ask your lender for permission to let and then let the house out until the ERC period has expired.

This is assuming that you don't need the capital to buy a house overseas or whatever.

pariskate

I would second what MarkyMarkD said - if at all possible hang onto the house and let it out. We moved abroad 4 years ago (initially for 2 years!) and let out our house (via an agent and with our bank's permission) and we've had very few problems. In the meantime, as well as earning rental income we have seen an increase of about 100k in the value of the house.
It's another option,

Kate

oldwiring

jane_game wrote: »

This is a rank websit.
There are many informations .
Wish help you in some way
http://www.bilbuyers.com/buy.php?cid=14&Loans&BuyLoans

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