ERC Question - moving home (selling first and buying next)

earlgrey13

Thanks a lot in advance for your help. May I please quickly check something related to ERC (Early Repayment Charge)? We are selling our property and will be subject to ERC upon completion (2 year fixed deal expiring Jan22 with Barclays). However, at the same time, we have just agreed to buy another property (higher price) but the expected completion date may be end of August or September. Is there any chance we can negotiate off the ERC payment on our previous mortgage and either transfer it to our new home or take a new mortgage out with Barclays?

Financially, it makes a ton of sense for Barclays to do it but it may require an exception I understand. Could you please let us know if you have encountered such situation before?

Thanks again for your kind help.

Thrugelmir

The new mortgage has to start within 90 days of you selling your existing home. To meet the criteria to port the mortgage across, 

goodwithsaving

If you get the mortgage approved on the new place before yours is redeemed on sale completion, it should be possible to port. You will be liable for ERC in the first instance but these will be refunded - if Barclays is as per NW.