We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage ERC refund offer
mossy76
Posts: 3 Newbie
I'v just sold my house and was porting my mortgage to a new property. I paid £3800 ERC as the sale wasn't going through straight away. The new property is next door to a hotel (commercial property) so the lender won't port my mortgage and have kept the £3800. After a few angry calls telling them it is themselves that want to terminate the contract not myself, they've offered me £1200 refund. Do I accept or push for more ?
0
Comments
-
As it is you that is wanting to change the contract, getting anything back is very unusual. So, £1200 is a good resultI 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
-
You would have to take it to the ombudsman.
Porting is not an unconditional right. They don't have to move your product if the new property does not meet their criteria.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
I am suprised you have been offered anything at all to be honest.
Porting is subject to meeting lending criteria on the new application. Clearly the new property does not meet the lenders criteria and so they are under no obligation to refund you anything.0 -
I'm not surprised - I'm absolutely gobsmacked you got anything waived.
But that shows how little I know and how mad the world has become.
My immediate response is grab and run - but I clearly don't understand this business any more !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Thanks for all the replies, I'v just accepted £1264. Feel lucky I got anything back now0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards