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ERC Mortgage charges...again
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I've got 4% erc and I'm only 3 months into a 5 year deal. Balance is 135200 . If I over pay now and save 2.69% interest for the remaining 4 3/4 years does this work in my favour?
The erc stays the same for the whole 5 years.0 -
OP - Get the whole point about the ERC, but they only agreed to lend you the money at x% as they knew you needed to borrow it for 5 years to make any profit. (however this is not the debate in hand).
The fairness of the charge is as above, however with a well worded polite and reasonable letter of complaint, you may be able to get the lender to waive some or all of the ERC.
Mutual's/Building Society's may be the most common to do this, and I have known this to happen where is used to work.Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....0
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