Early Repayment Charge Refund

Hartley10

Hi all,


We are not far away from exchange & completion on the sale of our flat and purchase of a house. It is unlikely that we will complete on both at the same time so Halifax are saying we need to pay the ERC on the current mortgage. If we complete on the new mortgage within 3 months (likely to be 2/3 days) then we can apply to have the ERC charge refunded (as we are porting current mortgage to new deal).


I just wondered if anyone has any experience of this and whether the process is straightforward?


thanks

amnblog

That's the way it works. It should be fine, all administration with lenders can get messy on occasion. Your alternative would appear to be, pay it and leave it with Halifax.

mossy76

I'm going through the same process just now but have ran into problems. The new property is next door to a hotel(commercial property) so they won't port the mortgage and have kept the £3800 ERC. After some angry calls they've agreed to pay me back £1200 I'm trying to find out if I should accept or push for the full total ��

Andy240285

Hi just had my ERC £4300 refund but they put it into my mortgage and not my bank.... is this right? Mortgage is with halifax and had to chase them for it to. Been waiting for it and then check my mortgage and it had been put in there instead.many thanks andy

minimike2

mossy76 wrote: »

I'm going through the same process just now but have ran into problems. The new property is next door to a hotel(commercial property) so they won't port the mortgage and have kept the £3800 ERC. After some angry calls they've agreed to pay me back £1200 I'm trying to find out if I should accept or push for the full total ��

They are not obliged to allow you to port a product onto a property on which they will not lend. If it does not fit their criteria. To be offered anything at all in that situation is unusual.