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Will banks ever negotiate on ERC?

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 

Comments

  • 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?
    Pensions actuary, Runner, Dog parent, Homeowner
  • K_S
    K_S Posts: 6,891 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    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.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

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