Mortgage Exit Fee

Steph_89

I’m sure many people will be in this issue over the next few years so thought I would post this publicly so people can be aware and those who may have already been though this process.

My partner has a help to buy mortgage from his property which is fixed for 5 years (4 years left) with a steep exit fee of 7k he fixed it at a low interest rate and at the time was told the mortgage is transferable should he decide to move in the 5 years and stay with ‘this high street well known bank’. However we asked the question yesterday as have decided to buy a house together. We have been told to transfer it would need to be another help to buy mortgage. Obviously this won’t be the case as we have both owned a house before and are looking to spend over the HTB amount. 

 Can we argue this point as it’s not really sold as described we are told we can transfer yet we actually can’t as HTB isn’t available to those who are already on the property ladder. HTB has been a great scheme and we have no issue with the lender or the Government scheme. The issue is lack of clarity when re mortgaging and being sold a product that has a transferable option in the terms and conditions which isn’t applicable to anyone who has the mortgage! 

All views are welcome