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Early repayment charge
eandc
Posts: 1 Newbie
Just wanted some advice.. my partner has a mortgage with Yorkshire Bank, we are now trying to buy together and we tried to port the mortgage to our new house, but they declined without reason (we think this may be because they withdrew their 90% mortgages that day) and wouldn’t give us a reason although said our credit is fine (both of us have good scores and no debt). We now have to pay £7,000 to leave the mortgage and go with another provider, even though we tried to go with them.
Is there any way we can reduce that or void it as they will not offer us a new deal/we tried to stay with them and I’m being added on.. From what I have read, it seems that you can’t do anything about it, but worth asking...
Is there any way we can reduce that or void it as they will not offer us a new deal/we tried to stay with them and I’m being added on.. From what I have read, it seems that you can’t do anything about it, but worth asking...
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Comments
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You might be able to reduce it a bit by overpaying in advance of redeeming the whole amount - often you can repay up to 10% of the balance each year without incurring a penalty. Otherwise, no, you can't do anything about it. All they're doing is holding you to the deal you signed up to, they're under no obligation to offer you a mortgage on another property.eandc said:Is there any way we can reduce that or void it as they will not offer us a new deal/we tried to stay with them and I’m being added on.. From what I have read, it seems that you can’t do anything about it, but worth asking...
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What will the new borrowing look like on LTV.
How long before ERC free or reduced amount
Could you just wait a bit to move.1
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