ERC - Mortgage

katielou86

Hey I am just after some advice I am about to complete on a house purchase in the next few days and as a result I am having to pay a £7500 ERC to Santander as we are coming out of our 2yr fixed deal a year early.

The question I have is whether or not I have a leg to stand on in arguing with Santander that I shouldn't be charged it as I would never have been able to continue with a mortgage with them on my new house as my husband is a contractor. Santander do not offer mortgages to individuals who are contractors. We would therefore have never been able to continue with them as customers so would have had to cancel the mortgage. Do I have a leg to stand on in arguing with them on this or should I just walk away and stomach the £7500 charge....

Thanks!

BoGoF

No........you wouldn't even have a leg to stand on if it were one week early.

ACG

When you want to port your mortgage, you have to apply. It is a feature of the mortgage but not a guarantee. Even if you would have fit criteria, they could have still refused and you would still have to pay the ERC.

You not fitting criteria is not their fault. You wanting to move is also not their fault.

Not quite the same as the bill was significantly less, but when I moved house I was in a contract with Virgin media, they could not provide their services at the new house. It was not their fault I moved house and wanted to break my deal, so I had to pay the bill.

LRmortgage

I agree with all of the above, plus Santander definitely do offer mortgages to contractors, I’ve just placed one with them for a client of mine. Maybe they don’t accept the specific situation of your husband, but it’s not their fault you want to move home.