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Unemployment, moving for new Contract job - mortgage penalties
tlongdon
Posts: 13 Forumite
Hi everyone,
I have been made redundant and need to relocate for job opportunities. It's likely I will have to be a contractor (on a very good daily rate).
Spoke to my mortgage company this morning - it seems they can't think of any circumstances where I can avoid paying £9,000 early termination fees even though all I would want to do is port the mortage.
The only thing we could think of on the phone, is if I manage to 'wangle' a full-time employment contract commensurate to the value I want to remortgage (so I'd need to find a perm job at about £50,000).
Can anyone out there think how else I might be able to move without those really high fees?
Thanks in advance :beer:
I have been made redundant and need to relocate for job opportunities. It's likely I will have to be a contractor (on a very good daily rate).
Spoke to my mortgage company this morning - it seems they can't think of any circumstances where I can avoid paying £9,000 early termination fees even though all I would want to do is port the mortage.
The only thing we could think of on the phone, is if I manage to 'wangle' a full-time employment contract commensurate to the value I want to remortgage (so I'd need to find a perm job at about £50,000).
Can anyone out there think how else I might be able to move without those really high fees?
Thanks in advance :beer:
0
Comments
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No. If you are with a lender which won't work from daily rate you appear to have no other option than to repay the mortgage and pay the ERC.
At best, let the property until the ERC expires and rent to live in in the meantime?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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