Moving home - changing mortgage without early repayment

jase888

Me & my brother bought a house a few years ago and are now both looking to get new homes with our girlfriends the trouble is one of us needs to take on the current mortgage with Santander as it has 3 years left on it so need to avoid the early repayment fee.

We are currently paying 4.99% interest rate which is very high - is there any way Sanatander would change the deal we are on if we extended the contract again to 5 years and got a better interest rate? We just really want to avoid the £6000 EArly Repayment Charge but need a better deal at the same time.

Thanks for advice

foxy-stoat

You need to ask the lender about changing the current deal, I would think that you would have to pay the ERC if you are changing product, porting maybe ok but if you want to remove a name then best speak to them.


If you intend on having 1 property jointly owned and one each then you should think about selling the first property and the additional stamp duty will have to be paid as well.

jase888

Thanks for response, yeah we have booked an appointment but its not until Saturday so just thought i'd see what peoples thoughts were.

The plan is to sell our hosue and then both buy separate houses, one of us will potentially port over the mortgage but if we cant get Santander to change the interest rate/offer different rate we may have to pay the ERC then find a different provider.

Just wondered if anyone had experience with similar issue and if they could chnage deals when moving without ERC?