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Erc Bank Of Scotland 5%
loveyababes
Posts: 4 Newbie
Hi,
I'm new to the forum so please bare with me. I have a question regarding my mortgage lender charging 5% for ending my mortgage deal early.
Basically we are being moved abroad through my partner's work and we renewed our mortgage in March this year taking an extra 10k for home improvements which has been added to the mortgage account as a loan.
They are looking to charge us 5% of both mortgage and loan amounts. Is there any way we can reduce this amount or get out of this?
Reading the small print about other options, we would still have to pay ERC even if we bought somewhere else or let the property and got a new mortgage.
We can't afford to buy property abroad as the deposits are too high forcing us to not to "port" it elsewhere.
HELP!!!!
I'm new to the forum so please bare with me. I have a question regarding my mortgage lender charging 5% for ending my mortgage deal early.
Basically we are being moved abroad through my partner's work and we renewed our mortgage in March this year taking an extra 10k for home improvements which has been added to the mortgage account as a loan.
They are looking to charge us 5% of both mortgage and loan amounts. Is there any way we can reduce this amount or get out of this?
Reading the small print about other options, we would still have to pay ERC even if we bought somewhere else or let the property and got a new mortgage.
We can't afford to buy property abroad as the deposits are too high forcing us to not to "port" it elsewhere.
HELP!!!!
0
Comments
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Won't your partner's work pay all these charges?! Most companies pay for any moving fees when they relocate someone, including stamp duty, EA fees, removal vans, ERCs etc... It might be worth asking them.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Sadly not i'm afraid.
They are the worst company in the world to work for and they make my blood boil with the way their staff is treated but what can i do, he likes who he works with and can't see the roses for the tinted spectacles. :-(
If he doesn't want to work for them and jump when they click their fingers, he'll lose his job as there are many more men out there desperate to do what he does for a fraction of the cost.
Thanks for the advice anyway. Back to the drawing board as they say.0 -
Lesson for all of us: If you work for a company that is likely to move you around... check the terms of your mortgage before you sign it. most mortgage companies these days are offering low rates by writing in extortionate charges.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0
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How about letting it on the same mortgage.
Write to HBOS saying you'd like to let the property out, can you have permission please. They may charge you a fee for providing this permission but you should at least find out as it will give you another option is they say yes (which really they should do)0
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