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Northern Rock (Virgin) - Early Redemption Fee and Porting Queries
Comments
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Then you'll repay the mortgage before the end of it's 10 year term if you reduce the nominal balance too low. Thereby incurring the ERC by default.0
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No, because I will leave a small amount on the mortgage. If we decide to stay until 2019 (the end of the term), I will reduce the balance to something small (like £500 for example). The lender will then recalculate monthly payments at our request, and we will make those monthly payments until the end of the term - avoiding the fee in the process.0
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