We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Early repayment charge waiver !!
waingels
Posts: 22 Forumite
Highlighting the below as could potentially help someone with time frame / decision making :
I completed a remortgage this week having started the process back in July 22.
I anticipated paying an ERC given the fixed period for the prior mortgage (with Yorkshire building society) was due to end February 28th, but willing to do so given expected rate rises.
Halfway during the mortgage offer time frame i decided to call YBS to see what, if anything could be done with the ERC given i was only a matter of weeks away from the fixed period ending (alternatively i'd have applied for an offer extension with the new bank)......
HOWEVER I was pleasantly surprised to hear that YBS waive the ERC if the mortgage is redeemed within 2 months of the fixed period ending, instead it's replaced with a the daily rate of interest for the 2 months.
Its a relatively new policy introduced so not in the mortgage contract T&Cs , but thought worth mentioning incase it helps with someone's decision making.
I completed a remortgage this week having started the process back in July 22.
I anticipated paying an ERC given the fixed period for the prior mortgage (with Yorkshire building society) was due to end February 28th, but willing to do so given expected rate rises.
Halfway during the mortgage offer time frame i decided to call YBS to see what, if anything could be done with the ERC given i was only a matter of weeks away from the fixed period ending (alternatively i'd have applied for an offer extension with the new bank)......
HOWEVER I was pleasantly surprised to hear that YBS waive the ERC if the mortgage is redeemed within 2 months of the fixed period ending, instead it's replaced with a the daily rate of interest for the 2 months.
Its a relatively new policy introduced so not in the mortgage contract T&Cs , but thought worth mentioning incase it helps with someone's decision making.
0
Comments
-
Similarly, I found out recently that Barclays waive ERCs in the last 30 days of their fixed deals. It's not replaced with anything.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards