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Early Repayment Charges

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cook0891
cook0891 Posts: 144 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Hi all,


I am in the middle of re-mortgaging and switching suppliers. I am currently with Bank Of Ireland and they state any ERC cease to apply on 1/2/18, so I told my new supplier that I want to switch on 2/2/18. They sent me an email yesterday saying it will be completed on the 1/2/18, does anyone know if this will incur any charges or with BOI saying they cease on the 1/2/18 I will be ok? Just don't want to pay £3k for the sake of 1 day!!! Thanks.

Comments

  • ACG
    ACG Posts: 24,559 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Chances are the solicitor requested the funds to come in on the first and they will complete the transaction on the 2nd.

    You need to speak to the solicitor really just to ensure they do not pay off BoI until the 2nd if that is what you want.
    I am a Mortgage Adviser
    You 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.
  • cook0891
    cook0891 Posts: 144 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Thanks. I spoke to BOI and assured me no charges will apply if complete on the 1st.
  • ACG
    ACG Posts: 24,559 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Did you speak to the solicitor?
    I am a Mortgage Adviser
    You 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.
  • cook0891
    cook0891 Posts: 144 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I emailed them querying it and they sent me the statement dated 26/1/17 stating the ERC date. They didn't physically say 'they won't be any charges'
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you're completing today then the redemption won't have happened any earlier than today.
  • cook0891
    cook0891 Posts: 144 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I have completed today and the have sent me a statement of completion and there has been no ERC.
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