Getting out of a Mortgage

lolaleigh2018

I am/was a first time buyer. I had very poor credit but managed to get a mortgage with a non-high-street lender. For this reason my mortgage rate is really high and is fixed for 2 years. Since I bought the house my credit rating has sky rocketed (probably from being accepted for a mortgage and also some negative credit elements dropping off my file). My question is: how hard is it to get out of a mortgage and go with another lender?
I’m paying nearly £300 a month more than I would be with a high street lender.
Thanks in advance for any replies.

Thrugelmir

What's the early redemption penalty to exit the mortgage? 

lolaleigh2018

I can’t find this detail in any of the paperwork 😕

csgohan4

log into your online account and have a look, sometimes they have it on there, the mortgage statement will usually state when the ERC is up to and what percentage

MovingForwards

It will be detailed in the mortgage offer you signed, you would have been given 2 copies one for you and the other to return.

RelievedSheff

As said above, you need to get your mortgage offer out and have a look what you have signed up for. It may well not be viable to change to a high street lender just yet due to a high early repayment charge.

Two years isn't all that long a period of time to be paying a bit extra. We are in a similar situation whereby we had to take an adverse mortgage for a couple of years until my credit rating improves and adverse credit drops off my file. We are already a year into that and this time next year will be remortgaging with a high street lender. We knew when we took the mortgage the rate wasn't great but it secured us the home that we intend to be our forever home.

ACG

It will be in your mortgage offer, section 10 I think. 

They can not stop you getting out of your deal early, but it will cost you. Typically 1-3% of the balance of your mortgage give or take. It does not usually make financial sense to pay to leave the deal.