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Selling my property and paying early repayment charge?

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Comments

  • herc182
    herc182 Posts: 39 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    AdrianC wrote: »
    I have to ask... Given that you knew there was an early redemption penalty if you complete before the start of July, why start marketing so far in advance...?

    Fair question. We never thought out flat would sell less than two weeks after listing it!
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    herc182 wrote: »
    Fair question. We never thought out flat would sell less than two weeks after listing it!
    Your flat has not sold.You have simply agreed a price with a potential buyer.

    There is still a long way to go.........
  • Hutch100uk
    Hutch100uk Posts: 610 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    I had the same issue last year. In my negotiations with the buyer, I stipulating I could not complete before the end of August because I would incur the ERC. As it turned out, we didn't complete until mid-Sept because the whole process took longer than usual and that was with no chain!
    I'd be surprised if you completed before end of June anyway.
  • Hutch100uk
    Hutch100uk Posts: 610 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    G_M wrote: »
    Your flat has not sold.You have simply agreed a price with a potential buyer.

    There is still a long way to go.........

    And also this! It was my 3rd potential buyer who I finally completed with.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    herc182 wrote: »
    Not sure what you mean. But buying a house to live in

    Then you could port the existing mortgage to the new property. Though might be past the of June before the entire chain is ready to complete.
  • herc182
    herc182 Posts: 39 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Hutch100uk wrote: »
    And also this! It was my 3rd potential buyer who I finally completed with.

    Would love not to have additional stress with other buyers!
  • herc182
    herc182 Posts: 39 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thrugelmir wrote: »
    Then you could port the existing mortgage to the new property. Though might be past the of June before the entire chain is ready to complete.

    Need to read up on porting. We have paid a lot of interest on our current one. Then we start another mortgage and back to getting abused with more interest payments
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    herc182 wrote: »
    Need to read up on porting. We have paid a lot of interest on our current one. Then we start another mortgage and back to getting abused with more interest payments
    Well if you don't want to pay interest, how about just buying a property for cash?


    (it'sjust about the only alternative......)
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    herc182 wrote: »
    We have paid a lot of interest on our current one. Then we start another mortgage and back to getting abused with more interest payments
    Yes, you tend to have to pay a lot of interest when you borrow a lot of money. The easy way to avoid it is not to borrow a lot of money.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    herc182 wrote: »
    Need to read up on porting. We have paid a lot of interest on our current one. Then we start another mortgage and back to getting abused with more interest payments

    Then cut back on your outgoings and save money. That way you can borrow less and incur less interest charges.

    As for abuse. I'm sure that in the future you'll appreciate the financial benefit of owning your own home outright. Rather than enduring the insecurity of a rental, and paying out indefinately.
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