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Moving before fixed-rate mortgage ends
Help1234
Posts: 464 Forumite
Hello, it looks like I may complete on selling my house 13 days before my fixed-rate mortgage ends. Will I be liable for large costs despite leaving so close to the date? It's West Brom
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Yes, if you complete before the end of the fixed term you will get charge the entire early repayment charge for the year. Best to move completion 2 weeks.Help1234 said:Hello, it looks like I may complete on selling my house 13 days before my fixed-rate mortgage ends. Will I be liable for large costs despite leaving so close to the date? It's West Brom
I am selling my rental now and we are exchanging soon to complete the 1st March to avoid the ERC of £1500.0 -
Might be worth waiting for the 13 days or call West Brom to see if there would be any charges been only a few days.0
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Just called the bank and they confirmed the charge would be £1300. Can you advise would this charge only be applicable on completion? Do I need to exchange after the 13 days or can I exchange before and exchange after the 13 days?0
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Why not speak to your solicitors and buyers ?0
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I will do I just need to clarify does the charge apply if we exchange before the fixed rate ends or is it only completion. The bank said its when it is redeemed.0
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Does anyone know if I will need to exchange after the fixed-rate ends? I am not clear because if I exchange a week or two before the fixed-rate ends then my solicitors will need to request a redemption statement and this will include the charge as they will be requesting it before the fixed rate ends. But then if I complete after I shouldn't have to pay it? @london21 @Snookie12cat0
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OuchHelp1234 said:Hello, it looks like I may complete on selling my house 13 days before my fixed-rate mortgage ends. Will I be liable for large costs despite leaving so close to the date? It's West Brom
Have you exchanged if not I would try to avoid the ERC by going past the 13 days.
My fixed rate was up at the end of July and I stayed on the SVR to avoid renewing and the massive ERC for completion next week,0 -
Its only applicable on completion. My solicitor says you can exchange anytime but as long as completion is after the ERC date then you wont get charged.Help1234 said:Just called the bank and they confirmed the charge would be £1300. Can you advise would this charge only be applicable on completion? Do I need to exchange after the 13 days or can I exchange before and exchange after the 13 days?0 -
Thank you!0
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I have neither exchanged nor completed yet.0
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