Moving before fixed-rate mortgage ends

london21

Help1234 said:

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 @Snookie12cat

Personally would avoid the ERC and complete after the 13 days.
Save your money, every penny counts. 

saajan_12

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?

Its the completion date that counts, the lender isn't party to the exchange. The solicitor would need to ask for a redemption statement making it clear what the completion date is - if the bank can work out that the ERC won't apply at that point then great, otherwise the solicitor will have to re-request it closer to completion. Speak to your sol - if things can't get figured out in time after the fixed term ends, then you may even need to pay the ERC initially to get them to remove the charge and complete, but then get it back afterwards. 

kingstreet

Completion date is redemption date.

The money isn't available otherwise!