Early Repayment Charge for transfer of equity

kacy89

Hi there, 
My lender is trying to charge me an ERC for removing someone from the mortgage. The mortgage is still under the same rate, with the same lender and over the same term. I thought there would be no ERC as this is very similar to porting a mortgage. I'm speaking to the lender about this, but if they insist on me paying this, what recourse do I have? 
Would be grateful for any help. 

K_S

@kacy89 Which lender is it? Each will have their own process and policy. But generally speaking, the lender often allows you to stay on the same product so no ERC.

I recently helped a client remove their ex's name with a ToE for a mortgage which was still in a 5 year fix. The client remained on the same product and there was no ERC to pay. The only fee charged by the lender was a ToE fee of around £200 or so.

TVAS

COMPLAIN OF COURSE WHY DID YOU NEED TO EVEN ASK?
An ERC is a charge that is rightly applied if you redeem the mortgage before the end of the fixed rate period because the lender has placed that amount of money for a period of time assuming you pay that mortgage for that period of time.

Removing or adding a frog to the mortgage does not change the fact that you remain committed to that fixed term mortgage so for them to try and charge you is ridiculous COMPLAIN. Admin fee is justified but they shouldn't take the !!!!!!.

MAKE SURE YOU GO TO THE FINANCIAL OMNIBUS (I mean Ombudsman of course) if you get no joy with the lender. Good luck.