Early Repayment Charge - Transferrable Mortgage

stedrink

Hi just after a bit of advice.
I'm moving house soon and were luck that we can pay our mortgage off with the difference between selling and buying prices. We have a 5 yr fixed deal with about 2 remaining on it so it has some early repayment charges.

When I took out the deal I was told it was "transferrable" so I thought i'd move it over to my new house and let the deal expire and then pay it off. On enquiry they said its not really transferrable, it would be a new mortgage with 12-14 weeks delay, when I enquired if I could pay it down to say 10K they said yes and then it will still take 12-14 weeks. 

This all sounds like blackmail to me as it will probably slow my house move if I wait 12 weeks and why should I take the risk for 2K.
The outstanding balance is 70K on a 320K house so not exactly a risk for them but they gave me some guff about all being the same and we're really busy bla bla.

Do you think I have a case to ask them to waive the charges ?

Thanks for any advice

getmore4less

What rate is the mortgage? 
What rate is the ERC

When planning to port you start that early in the buying process.

Are you sure you can get everything else done is a shorter time frame?
What are the costs associated with porting might be that the difference between those and the ERC  is not worth the bother of having a mortgage on the new place. 

Thrugelmir

You've no case to have the charges waived. Mortgages aren't transferable there'll portable. In effect this means that the existing balance along with the attached terms and conditions are transferred to the new property. This is subject to meeting the lenders criteria when making an application for the new mortgage. All would have been contained in the small print for your existing product when y signed up for it. 

amnblog

Mortgages are not transferable and new one which be underwritten for each home move.
The product may be portable, which is the case here meaning you can stay on the current rate without paying the early redemption penalty. This will only work if your current lender will offer lending against the new property, and you accept that lending.
If you do not wish to work with your current lender going forward due to delays, or any other reason, you can settle and pay the redemption penalty.