Get out of early repayment charges?

MrPez

I think I know the answer here already but is there any scope of getting around early payment charges?

I renewed my current mortgage about 8 months ago. I now have a new job and am moving. I wanted to rent out my current house by mortgaging with a new lender and port my current mortgage to a new property but my mortgage company won't lend on the property I want. I'm hoping I've found another lender who is more flexible but the problem with keeping my current mortgage with my current lender is that they won't release any of the equity from my current property (which I need for the deposit for the new one) since it won't be my main residence once I move and they only do further lending on your main residence.

I've had soooo much conflicting advice from my mortgage company I've given up trying to ask them anything, so wanted to come here in case there is any justification to avoid charges so I can move to another company and access some of the equity in my current house.

[Deleted User]

No, there isn't.

davidmcn

Absolutely none, otherwise what would be the point of them?

haras_nosirrah

Why won't they lend on the new property?

ACG

You could take out a secured loan against your current property for the deposit. An expensive way of doing it, but probably cheaper than paying the ERCs.

MrPez

haras_nosirrah wrote: »

Why won't they lend on the new property?

There is cladding which is being replaced by the developer but because it isn't complete they won't lend.

haras_nosirrah

I think nearly all lenders have the same problem with cladding. Which lender are you looking at as willing to consider and has it been surveyed yet?