BARCLAYS EARLY REPAYMENT CHARGE

MrsCox1

We have sold our house three years into a five year fixed rate. We are moving into a new build which will be ready June 2021 and move our December 2020. 

We have an ERC however, the new mortgage will also be with Barclays but they won’t allow us to transfer the mortgage as it’s longer than 90 days!!!
Is there any advice or anything we can do?? Seems crazy to pay thousands to get out of a mortgage with a company we are mortgaging with soon!! 

bradders1983

Delay moving out? Sounds flippant but thats about all you can do here. They need to draw the line somewhere and 90 days is that line.

MrsCox1

Unfortunately we can’t. The house builders need you to sell to reserve the plot and missives have to be completed within a set period! 

MWT

MrsCox1 said:

Unfortunately we can’t. The house builders need you to sell to reserve the plot and missives have to be completed within a set period! 

Then you will be paying the ERC...

I'm surprised you were happy to proceed with a sale so far in advance of the move-in date, especially when in the current climate new builds are often running considerably behind schedule.

I do hope the June '21 move in date turns out to be accurate or you are going to be in temporary accommodation for a long time.

MrsCox1

It is definitely on track but thanks for your concern.