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
Mortgages with no early repayment charges?
SouthLondonUser
Posts: 1,445 Forumite
What mortgage products do you know of with no early repayment charges?
I will be remortgaging soon; the property is a leasehold flat (long lease, > 100 years), with an LTV ranging between 49-55% depending on where you see current values. Good credit history, wife and I and good salaries (employees, not self-employed), etc. etc.
I have found that Nationwide and the Chelsea/Yorkshire Building society offer 2-year trackers between 1.10% - 1.50% (all-in rate based on current BoE rate).
Santander, has a 2 –year tracker at 1.14% with no ERC; so does Barclays, but with a higher fee (£2k); VirginMoney has one with ERC penalties.
HSBC and FirstDirect also have 2-year trackers with no ERC, but are more expensive (> 2%).
Do you know of others?
To be clear, my situation is such that, for a number of reasons I won’t go into now, I might need to sell in a year or so, then wait 9-12 months before buying again. I’d like to be sure I have the option of doing so, even if it means I am exposed to the risk of rates going up. This means that letting my property out (which many lenders would consent to) won’t do.
Thanks!
I will be remortgaging soon; the property is a leasehold flat (long lease, > 100 years), with an LTV ranging between 49-55% depending on where you see current values. Good credit history, wife and I and good salaries (employees, not self-employed), etc. etc.
I have found that Nationwide and the Chelsea/Yorkshire Building society offer 2-year trackers between 1.10% - 1.50% (all-in rate based on current BoE rate).
Santander, has a 2 –year tracker at 1.14% with no ERC; so does Barclays, but with a higher fee (£2k); VirginMoney has one with ERC penalties.
HSBC and FirstDirect also have 2-year trackers with no ERC, but are more expensive (> 2%).
Do you know of others?
To be clear, my situation is such that, for a number of reasons I won’t go into now, I might need to sell in a year or so, then wait 9-12 months before buying again. I’d like to be sure I have the option of doing so, even if it means I am exposed to the risk of rates going up. This means that letting my property out (which many lenders would consent to) won’t do.
Thanks!
0
Comments
-
I think you have covered off the bigger lenders, there are a couple of building societies who have similar products - or was last time I checked.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
-
PS In the interest of other forum users, the Chelsea/Yorkshire Building Society refund your ERC if you take out another mortgage with them within 6 months.0
-
I have just found out that CBS offers products without ERC to new customers only, NOT to existing customers. I am an existing CBS customer
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards