Avoid Early Repayment fees

plaidparty

Hi

I am hoping to sell my current property but am still in the middle of my initial 5 year fixed mortgage so I assume there will be some early repayment fees. Is there anyone to avoid this?

I was not planning on buying another property and moving into the house in my husband owns but I wondered if i moved my mortgage to purchase the home from him if I could avoid the repayment fee or at least reduce it?

Thanks in advance

amnblog

If you can take the product with you to a new mortgage (porting) you can reduce or eliminate the early repayment charge.

Thrugelmir

plaidparty wrote: »

but I wondered if i moved my mortgage to purchase the home from him if I could avoid the repayment fee or at least reduce it?

Thanks in advance

You may avoid the ERC's but will incur considerable other costs which may negate any benefit.

plaidparty

Thanks.

Would it be easier for him to gift me the property and then I move my mortgage to the new property. Its below £125k so I don't think there would be any stamp duty.

Not sure if there is an easier way to do this?

Thrugelmir

plaidparty wrote: »

Would it be easier for him to gift me the property

Then you won't be purchasing the property and your partners mortgage will need to be redeemed as well.

dimbo61

How long is left on the 5 year fix ?
Could you rent out the property for a period of time ?

getmore4less

Is there a mortgage on the other house.

Will your lender allow a port to a joint mortgage or a sole mortgage with him living there(assuming he will be)

if its just you a normal purchase porting your mortgage may be an option.