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Escaping Exit Fees When Selling!!!!!
Options
wannabefreee
Posts: 26 Forumite
Hi There
Found Some Exciting News From My Mortgage Company Today
I Was Told If I Sold My House B4 The Tie In Period Id Incur 3145 Fees........
Well!!!
Theres Something Called Porting
If You Stay With Your Current Lender And Loan Less Money Onthe Second House They Only Charge U A Percentage Of The Difference For Me I Owe 103k And Would Like 90k Next Time As Im Downsizing This Would Incur 400 Fees And Obviously The 23k That Would Be Left On The Loan I Already Have They Will Also In Some Cases Waive The Arrangement Fee On The Next Mortgage
Its The Mortgage Companies Way Of Rewarding Loyal Customers
If You Lent More Money These Fees With My Current Lender Would Be Waived
That Will Hopefully Give Me Some Left Over Equity To Throw At My Debts!!!
Just Wanted To Let You Know If Anyone Else Here Had Been Misadvised!!!!
Also If I Leave After My Tie In Period My Ortgage Goes Up To A Silly Amount So For Me Its Worth Me Going Now Providing They Can Offer Me The Money I Need With My Current Debts!!! Heres Hoping!!!
Found Some Exciting News From My Mortgage Company Today
I Was Told If I Sold My House B4 The Tie In Period Id Incur 3145 Fees........
Well!!!
Theres Something Called Porting
If You Stay With Your Current Lender And Loan Less Money Onthe Second House They Only Charge U A Percentage Of The Difference For Me I Owe 103k And Would Like 90k Next Time As Im Downsizing This Would Incur 400 Fees And Obviously The 23k That Would Be Left On The Loan I Already Have They Will Also In Some Cases Waive The Arrangement Fee On The Next Mortgage
Its The Mortgage Companies Way Of Rewarding Loyal Customers
If You Lent More Money These Fees With My Current Lender Would Be Waived
That Will Hopefully Give Me Some Left Over Equity To Throw At My Debts!!!
Just Wanted To Let You Know If Anyone Else Here Had Been Misadvised!!!!
Also If I Leave After My Tie In Period My Ortgage Goes Up To A Silly Amount So For Me Its Worth Me Going Now Providing They Can Offer Me The Money I Need With My Current Debts!!! Heres Hoping!!!
0
Comments
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Very difficult to read your text ...
Not all mortgages are portable, an individual would need to refer to the features of their product.Gone ... or have I?0 -
If You Lent More Money These Fees With My Current Lender Would Be Waived
Surely you mean BORROWED don't you?0 -
Just Wanted To Let You Know If Anyone Else Here Had Been Misadvised!!!!
How does [miss] advice come into it?
You either have a portability option or you don't. It's not some magic reward for being loyal. It is part of the T&C of the product you have bought (or not as the case may be).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hmmmmmmmmmmmmmmmmmm is rudeness and sarcasm really necessary.0
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