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£2.500 exit fee?
Comments
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I Love that penguin ;-) Brilliant ;-)0
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If the contract you signed said £2500 then that's what you have to pay. If it was less and Abbey have increased it you should be able to get it reduced to the original amount0
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ERCs are set at the outset. They are a contract event with the amounts specified in the contract. No provider has made any attempt to increase these.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
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Out of interest how much benefit is there changing to ING, or have you just been sold on the advertising ? if you have a penalty, you will be in a deal, and in which case there may not be much benefit in changing, certainly not at the moment.I am a Mortgage Adviser
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.0 -
As I've already said:Your decision to switch to ING is obviously flawed - wait until your ERC expires and THEN think about whether to switch lenders.
It's virtually NEVER worth paying an ERC to switch mortgages, and I'd say even more unlikely with any sort of discounted loan.0 -
This question seems to come up quite regularly - people have high exit charges and didn't realise it. Is there ever a case of mis-selling? If the broker or provider let you sign up to a deal with a high ERC without explaining it to you?0
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Is there ever a case of mis-selling? If the broker or provider let you sign up to a deal with a high ERC without explaining it to you?
No.
The brokers do mention it but even if they dont it is in the Key facts illustration and your solicitor tells you about it as well.
So, the only way you wouldnt know is if your broker didnt tell you, you didnt read the KFI or the contract and your solicitor didnt tell you.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 -
I don't 100% agree with Dunstonh (although I normally do!).
If you tell your broker that you intend to move house within the ERC period and they STILL advise taking an ERC product, and don't mention the ERC, that's bad advice.0 -
Maybe that is but to actually not know one exists requires a lot of failures along the line.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
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Thanks to everyone that gave me a sensible reply, I will just have to wait another year, the reason I wanted to change was that I would like to pay my mortgage off earler by taking out a flexible mortgage, we have properties abroad that we bought with loans that have another eight years to go and were hoping to bring the mortgage down to finish at the same time.0
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