Excessive ERC on my mortgage

getmore4less

mechanicalman_2 said:

getmore4less said:

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

It'll be 5% of current balance or 5% at the start of the financial year. So the balance is still £170,000?

John_

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.