Advice on what solicitor means? Early repayment charge

ohdear66

Hi everyone!

We are about to complete on Thursday and have received some paperwork from my solicitor outlining what happens next etc including the redemption statement from Barclays. We are staying with Narclaus but have taken out a different product/term/value so we’re told this was going to come with an ERC of £5500.

In the letter I have received my solicitor has written:
‘You will note that they have included an early repayment charge of £5514.10. As you are taking out a new mortgage with Barclays I have asked if this payment can be deducted. However, I have not yet heard from them with this confirmation’

Does this mean she’s asked for them not to charge us or am I reading that wrong?

Thanks in advance!

Hx

Thrugelmir

ohdear66 wrote: »

Does this mean she’s asked for them not to charge us

No. The solicitor is confirming whether the charge is applicable or not. Sometimes the ERC is not levied when remaining with the same lender.

ohdear66

Ok thank you - Barclays definitely told us there was a charge

minimike2

The ERC will be payable if you are ditching your old product and taking out a brand new product. Assuming that this must have worked out cheaper for you despite the £5.5k charge rather than porting the existing rate?

ohdear66

Yes thats right - they also wanted us to run 2 products alongside each other so we decided to take the hit instead.