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MovingHome
richardj1986
Posts: 1 Newbie
We have just had an offer on our house that we accepted. Thus we plan to move asap. We are banking with halifax and currently not on a fix rate but the standard rate. How do i find out if there are exit fees as i find the rates at halifax really high.
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Comments
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On standard rates there are usually no early redemption fees (though normal redemption fees will apply).
But surely the people to ask are...... Halifax! They know exactly what product you have and what the terms and conditions are.
We don't!0 -
read your mortgage details/. Most mortgages are portable and allow you to move them to the new address0
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If you do have an Early Redemption Penalty, most allow you to pay off 10% per year without fee, so try and pay off 10% a month or so before the actual mortgage is redeemed (maybe borrow from parents etc), as my understanding is that if the total mortgage is redeemed in one hit, they do not allow for this 10%, and charge the penalty on the whole amount.
This assumes you are not porting the product onto the new mortgage, when no ERP would be payable20 plus years as a mortgage adviser for Halifax (have now retired), and I have pretty much seen it all....:D0
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