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Mortgage query
decotime
Posts: 10 Forumite
Hi all,
random question but we’re planning on relocating to Ireland this summer but we are tied into a fixed mortgage deal until September. The early repayment fee will be in the region of £6.5k but I can now see that I have an option on my online banking to move to a tracker deal for 2 years which would incur no early repayment fee.
random question but we’re planning on relocating to Ireland this summer but we are tied into a fixed mortgage deal until September. The early repayment fee will be in the region of £6.5k but I can now see that I have an option on my online banking to move to a tracker deal for 2 years which would incur no early repayment fee.
Is it acceptable to move to a tracker deal even though we know we’re about to put the house on the market?
tracker product fee is £1k which is obviously more beneficial than paying the ERF of £6.5k
tracker product fee is £1k which is obviously more beneficial than paying the ERF of £6.5k
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Comments
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@decotime If you're sure that an ERC isn't payable when switching to a tracker product while in a fixed term, then there's nothing "unacceptable" about doing what you have said. A no-ERC tracker product is meant to be flexible so all you're doing is using that flexibility. Do make sure to check the specific conditions of your product and make doubly sure that an ERC isn't due in the product switch scenario described.
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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