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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.House Sold...Interest Only Mortgage wirh Santander
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Quick update....I rang the Santander Helpline 4 months ago to tell them where I stood.They encouraged me to get the house on the Market asap(they must have known I would incur an ERC at this stage).I did as they asked.I have received a letter this morning containing the line...." If you've decided to sell the property to repay us,you should already have the property on the market"Yes ...I have done what you have asked...and found a buyer!! Result!!
I couldnt market the property based on only available November 2023 ...when my INTEREST ONLY/ERC runs out.It would never have sold!!
All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??0 -
Mustbeananswer?? said:Quick update....I rang the Santander Helpline 4 months ago to tell them where I stood.They encouraged me to get the house on the Market asap(they must have known I would incur an ERC at this stage).I did as they asked.I have received a letter this morning containing the line...." If you've decided to sell the property to repay us,you should already have the property on the market"Yes ...I have done what you have asked...and found a buyer!! Result!!
I couldnt market the property based on only available November 2023 ...when my INTEREST ONLY/ERC runs out.It would never have sold!!
All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0 -
Hi,Mustbeananswer?? said:
All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??0 -
frugalmacdugal said:Hi,Mustbeananswer?? said:
All the time Santander are badgering me for their money......but in order to get it to them I have to incur an £1800 charge to do it.This has got Ombudsman written all over it ....or is this a common occcurence ??0 -
Hi,from Santander:
Early repayment charge
You'll pay an early repayment charge (ERC) on any parts of your mortgage which are still within their initial deal period. Details of any early repayment charge can be found in your original mortgage offer, annual mortgage statement and in your mortgage account in Mobile and Online Banking. The actual amount to pay will be calculated and shown as part of your request.
So what did you agree to and sign up for, have you read your mortgage T&Cs?
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You could try asking Santander to forego some of the ERC, you could tell them that without them doing so, you will have to take your house off the market and start again nearer to the end date and see what they say.
at the end of the day it’s your choice whether to sell now or wait to see what the next few months brings.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
Mustbeananswer?? said:
This has got Ombudsman written all over it ....or is this a common occcurence ??4 -
frugalmacdugal said:Hi,from Santander:
Early repayment charge
You'll pay an early repayment charge (ERC) on any parts of your mortgage which are still within their initial deal period. Details of any early repayment charge can be found in your original mortgage offer, annual mortgage statement and in your mortgage account in Mobile and Online Banking. The actual amount to pay will be calculated and shown as part of your request.
So what did you agree to and sign up for, have you read your mortgage T&Cs?
If on the other hand it was Santander who agrees to pay me £1800, well that's different.
How can I sue them to get that money they agreed to pay me which is different from the money I agreed to pay them.0 -
silvercar said:You could try asking Santander to forego some of the ERC, you could tell them that without them doing so, you will have to take your house off the market and start again nearer to the end date and see what they say.
at the end of the day it’s your choice whether to sell now or wait to see what the next few months brings.0 -
Mustbeananswer?? said:silvercar said:You could try asking Santander to forego some of the ERC, you could tell them that without them doing so, you will have to take your house off the market and start again nearer to the end date and see what they say.
at the end of the day it’s your choice whether to sell now or wait to see what the next few months brings.
How far through the sales process are you? It could take a while longer anyway. You can always exchange now, with completion in November, providing the buyer is willing. Maybe, offer half the £1800?No reliance should be placed on the above! Absolutely none, do you hear?0
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