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Early redemption fees questions
startingout2016
Posts: 213 Forumite
Completion date for house sale is in a weeks time.
Mortgage supplier has faxed a copy of the final mortgage statement to my solicitor.
Solicitor has calculated the equity he is to pay me based on the outstanding mortgage figure and has not taken into consideration the early redemption fee at 3%.
What I am wondering is if there is any way to reduce the early redemption fee as we are only 4 months away from when the early redemption fee would no longer be valid.
Mortgage supplier has faxed a copy of the final mortgage statement to my solicitor.
Solicitor has calculated the equity he is to pay me based on the outstanding mortgage figure and has not taken into consideration the early redemption fee at 3%.
What I am wondering is if there is any way to reduce the early redemption fee as we are only 4 months away from when the early redemption fee would no longer be valid.
0
Comments
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errrmmm ... postpone your completion by 4 months?0
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It's not "only" 4 months...that is a considerable period in mortgage terms. But in any case, I'm afraid there will be very little incentive for your current mortgage provider to neogtiate these fees with you. So other than moving 4 months later - or porting your existing mortgage over, rather than taking a new mortgage, there is not really much you can do to avoid or reduce these...0
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startingout2016 wrote: »
What I am wondering is if there is any way to reduce the early redemption fee as we are only 4 months away from when the early redemption fee would no longer be valid.
Unfortunately not. Rather late in the day to try and do something to negate the ERC.0
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