Can early redemption fees...

GrumpyTeacher

... Be paid from equity once the house sells?

Thanks in advance,

Emma

kingstreet

Yes, provided the sale and redemption of the mortgage are concurrent, which is usually the case.

GrumpyTeacher

Thank you so much kingstreet.

And yes the sale and purchase will be at the same time.

enjoyyourshoes

To avoid the ERC you could port the portage to new property, usually give 3 moths grace period before sale and re purchase.


That is if you want to keep the mtge

GrumpyTeacher

Thanks enjoyyourshoes,

My broker has crunched the numbers and the higher interest rate on current mortgage plus porting fees far outweigh the new, lower interest rate plus ERC. It's def the best option but I don't have £3100 casually lying around these days! :-)

enjoyyourshoes

I know what you mean, it was a while ago now when I had 62 crisp £50 stashed I the kitchen drawer.