We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Excessive ERC on my mortgage

Options
13»

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    5% ERC are you sure it is not going down, some VM product are teared ERC some are fixed % for term.

    what was the fixed term of your product.
    100%. It has been 5% since day 1 and doesn't change. Most other mortgages I have seen have a 1% reduction year on year. 
    They(reducing % erc) were available when you chose this mortgage.
    it part of the decision process along with rate and other soft factors like retention deal history
  • penners324
    penners324 Posts: 3,511 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    It'll be 5% of current balance or 5% at the start of the financial year. So the balance is still £170,000?
  • John_
    John_ Posts: 925 Forumite
    500 Posts Name Dropper
    It’s only three months, not four, and if you find that everyone’s ready to complete a couple of weeks early you can just state that you need a slightly longer gap between exchange and completion at that point.
    No-one’s going to walk away from the deal at that point.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.