selling within mortgage term
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kokolino23
Posts: 273 Forumite
Hello,
I couldn't find anything so far so mortgages with no penalties should we decide to sell the property by the end of our mortgage term.
I found mortgages with no early repayment charges but it's not the same as we come out of the mortgage term.
There is a way I can sell my house without accuring a fee for breaking the fixed term mortgage?
Thanks a lot
I couldn't find anything so far so mortgages with no penalties should we decide to sell the property by the end of our mortgage term.
I found mortgages with no early repayment charges but it's not the same as we come out of the mortgage term.
There is a way I can sell my house without accuring a fee for breaking the fixed term mortgage?
Thanks a lot
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Comments
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kokolino23 wrote: »Hello,
I couldn't find anything so far so mortgages with no penalties should we decide to sell the property by the end of our mortgage term.
I found mortgages with no early repayment charges but it's not the same as we come out of the mortgage term.
There is a way I can sell my house without accuring a fee for breaking the fixed term mortgage?
Thanks a lot30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.0 -
I suspect our poster is talking about a fixed exit administration fee which is commonplace.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 -
Some have unlimited overpayments without ERC as long as your don't redeem.There is a way I can sell my house without accuring a fee for breaking the fixed term mortgage?
Don't know of any that offer that facility, pick a different product that does not charge ERC and has small exit fees.0 -
kokolino23 wrote: »There is a way I can sell my house without accuring a fee for breaking the fixed term mortgage?
The nature of the product requires such a fee for the cost to the lender of procuring the funds and the loss they would incur from early exits.0 -
Sorry for the confusion.
I found some mortgages with no ERC but they don't mention anything about the exit fee.
In simple words: I've got 20 years left on my mortgage, I'll sign up to a new 2,3 or 5 year fix mortgage (let's say no ERC) and decide to sell the house by the end of this deal.
If I will sell it and repay the remaining balance on my mortgage, do I have to pay penalties ? Would that be considered ERC or exit fee from my mortgage term?0 -
If you sell after the fix has ended then there's no ERC payable, only the exit fee/redemption fee if there is one. If you sell and don't port the loan to another property within the fix, then you'll get charged ERC.I've got 20 years left on my mortgage0
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