Remortgage within fixed term- with same lender. Will they still charge an early redemption fee?

laurence9696

Due to a change of personal circumstances- relationship breakdown. I need to look at a remortgage, to tie in an existing loan.

I am fully aware, in the long run, I will end up paying more on the loan etc. However, my plan is to remortgage, tie in the loan for a 3 year fix. Then to remortgage again, but on a shorter term, and pay the 10% overpayment each year. At present I cannot afford the mortgage and the loan at the same time. I'm hitting my arranged overdraft each month..

I am currently 2 years into a 5 yer fix. I am wondering, if I remortgage with my current lender, will they still charge me the early cancellation fee, or will they waver it due to me staying with them? My current lender is principality.

LRmortgage

You might want to look into a further advance with your current lender rather than a remortgage. 

Also worth speaking to a mortgage advisor to see what they think. 

[Deleted User]

Yes you would pay the erc to change the terms of your mortgage. 

Either a further advance or a 2nd charge may be more appropriate