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ERCs applicable on exchange or completion
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Locornwall
Posts: 356 Forumite
When do you have to pay early repayment charges? Eg. If my mortgage deal finishes 1st September. If I sell (complete) 1st September, do I pay the ERC?
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In practice, your solicitor probably won't send the redemption funds to the lender until the following working day, so it wouldn't apply anyway.
In answer to the question in the subject line, the date of exchange is completely irrelevant for this purpose.0 -
What if we complete on Friday. Will that mean funds transferred on the Monday?0
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That would be the following working day, yes.Locornwall wrote: »What if we complete on Friday. Will that mean funds transferred on the Monday?0 -
And is this done 99% of the time, or depends? The reason I ask is because that days difference means approximately £2350 ERC.0
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If and when it becomes an issue you can discuss it with your solicitor and make them aware of the ERC conditions.Locornwall wrote: »And is this done 99% of the time, or depends? The reason I ask is because that days difference means approximately £2350 ERC.0
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