Selling House: How to Avoid £6k Mortgage early repayment fee?

Orchid12

silvercar said:

Orchid12 said:

london21 said:

Orchid12 said:

I was literally just coming to do a post on the same thing! But remortgaging, my new offer expires 2 days before I wouldn’t have to pay 7.5k ERC. Wondering if there’s anyway I can avoid. Also with Santander 

surely can delay by 2 days? 

You would think wouldn’t you. Just called both, no budge on not paying it and no movement on the offer date. So looks like I will have to pay. 

Don’t think there will be any luck with the 6.5 weeks! I would be asking the buyers to cover it. 

For the sake of 2 days, I wonder if your solicitor could take the money from the new lender and not pay it over to Santander for 2 days? Worth asking?

Ooo that’s a point. I will ask them next week. Thank you 😊 

housebuyer143

Orchid12 said:

silvercar said:

Orchid12 said:

london21 said:

Orchid12 said:

I was literally just coming to do a post on the same thing! But remortgaging, my new offer expires 2 days before I wouldn’t have to pay 7.5k ERC. Wondering if there’s anyway I can avoid. Also with Santander 

surely can delay by 2 days? 

You would think wouldn’t you. Just called both, no budge on not paying it and no movement on the offer date. So looks like I will have to pay. 

Don’t think there will be any luck with the 6.5 weeks! I would be asking the buyers to cover it. 

For the sake of 2 days, I wonder if your solicitor could take the money from the new lender and not pay it over to Santander for 2 days? Worth asking?

Ooo that’s a point. I will ask them next week. Thank you 😊 

It will almost certainly be a no. They agree to pay off all charges on completion. I don't think holding onto the money and not doing this is going to be allowed.

silvercar

housebuyer143 said:

Orchid12 said:

silvercar said:

Orchid12 said:

london21 said:

Orchid12 said:

I was literally just coming to do a post on the same thing! But remortgaging, my new offer expires 2 days before I wouldn’t have to pay 7.5k ERC. Wondering if there’s anyway I can avoid. Also with Santander 

surely can delay by 2 days? 

You would think wouldn’t you. Just called both, no budge on not paying it and no movement on the offer date. So looks like I will have to pay. 

Don’t think there will be any luck with the 6.5 weeks! I would be asking the buyers to cover it. 

For the sake of 2 days, I wonder if your solicitor could take the money from the new lender and not pay it over to Santander for 2 days? Worth asking?

Ooo that’s a point. I will ask them next week. Thank you 😊 

It will almost certainly be a no. They agree to pay off all charges on completion. I don't think holding onto the money and not doing this is going to be allowed.

On a purchase, solicitors often draw down the money the day before to ensure it’s available to pass down the chain, so lenders don’t have a problem giving the money one day in advance. In our case we completed on a Tuesday after bank holiday weekend and the money was drawn down on the Friday.

diystarter7

OP
A way around it possibly is to take out another loan with them and they possibly give you some goodwill.

Decide if the sale is worth the 6k

Good luck

user1977

diystarter7 said:

A way around it possibly is to take out another loan with them and they possibly give you some goodwill.

The closest thing to that which would work is transferring ("porting") the mortgage to a different property if the OP was also buying.