Will banks ever negotiate on ERC?

Loso11

I have a 5 year fix on a mortgage which we took out a in the summer. We are really lucky we secured a great rate before all this madness.

We are now however faced with needing to sell at some stage in the next year for various reasons

If interest rates rocket, does anyone know if lenders might waive some of the ERC? I suspect interests will be considerably higher that the rate we have on our fix 

I suspect its something I will just need to ask closer to the time but thought I would see if anyone had any thoughts 

biscan25

Loso11 said:

I have a 5 year fix on a mortgage which we took out a in the summer. We are really lucky we secured a great rate before all this madness.

We are now however faced with needing to sell at some stage in the next year for various reasons

If interest rates rocket, does anyone know if lenders might waive some of the ERC? I suspect interests will be considerably higher that the rate we have on our fix 

I suspect its something I will just need to ask closer to the time but thought I would see if anyone had any thoughts 

If you have to move, is porting your mortgage an option?

K_S

Loso11 said:

I have a 5 year fix on a mortgage which we took out a in the summer. We are really lucky we secured a great rate before all this madness.

We are now however faced with needing to sell at some stage in the next year for various reasons

If interest rates rocket, does anyone know if lenders might waive some of the ERC? I suspect interests will be considerably higher that the rate we have on our fix 

I suspect its something I will just need to ask closer to the time but thought I would see if anyone had any thoughts 

@loso11 They won't wait the ERC for the reason cited but if you can port the mortgage to the new property (assuming that you'll be buying a new property), you can avoid paying an ERC.