Early Repayment Charge (any ways to avoid it?)

cookie666

Made a schoolboy error and forgot I'd taken out a mortgage with a repayment charge (£4,500) set for Oct 2022, got a deal at time and was not planning on selling until then, however things have changed and looking to sell now, is anything I can do to avoid it - keep the mortgage open swap it to my new property even though I was planning to not have mortgage on it? - After any options or suggestions please if there are any!

Thrugelmir

Sell the property for a higher price to cover the ERC.  Overpay the mortgage by as much as possible to minimise the ERC. 

ACG

Ultimately if the mortgage is cleared, the ERC is charged. So the only way to not pay it is to keep the mortgage.

Although most mortgage allow overpayments, so you can probably get away with keeping 90% of the mortgage without incurring any costs - so slightly less interest being accrued and lower monthly repayments. 

Carl2510

If you port it they usually waive the fee got to stick with same lender 

cookie666

So porting is possible, was not 100% sure, fees even keeping it for an extra few years would be less than the redemption fee, thank you.