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House Sold...Interest Only Mortgage wirh Santander

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Comments

  • Mustbeananswer??
    Mustbeananswer?? Posts: 418
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    edited 21 August 2023 at 6:17AM
    Could you kindly confirm;-

    the date your mortgage expires and has to be repaid
    the date your current mortgage product (fix/tracker etc) expires
    the date you were permitted a new product.

    IME it is very rare for a lender to permit a new product which will expire after the mortgage is due to be repaid. For example, if the mortgage is up in two years, I would not expect a three year fix to be permitted.
    Thanks kingstreet....most of that info is in the full version of the letter I took a picture of ..im working currently but can send you those photos if you wish.I also requested a settlement figure from them which should arrive today.Thanks for taking an interest 
  • Mstty
    Mstty Posts: 4,209
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    Could you kindly confirm;-

    the date your mortgage expires and has to be repaid
    the date your current mortgage product (fix/tracker etc) expires
    the date you were permitted a new product.

    IME it is very rare for a lender to permit a new product which will expire after the mortgage is due to be repaid. For example, if the mortgage is up in two years, I would not expect a three year fix to be permitted.
    Thanks kingstreet....most of that info is in the full version of the letter I took a picture of ..im working currently but can send you those photos if you wish.I also requested a settlement figure from them which should arrive today.Thanks for taking an interest 
    The settlement figure will more tha likely include the £1800 last year ERC.

    I think some of the advice has been given in good faith here but be careful with how you approach the mortgage supplier regarding a reduction on the ECR.

    Of course you may well get a very confused 1st line support caller and have to escalate this to get any sense.
  • Mstty said:
    Could you kindly confirm;-

    the date your mortgage expires and has to be repaid
    the date your current mortgage product (fix/tracker etc) expires
    the date you were permitted a new product.

    IME it is very rare for a lender to permit a new product which will expire after the mortgage is due to be repaid. For example, if the mortgage is up in two years, I would not expect a three year fix to be permitted.
    Thanks kingstreet....most of that info is in the full version of the letter I took a picture of ..im working currently but can send you those photos if you wish.I also requested a settlement figure from them which should arrive today.Thanks for taking an interest 
    The settlement figure will more tha likely include the £1800 last year ERC.

    I think some of the advice has been given in good faith here but be careful with how you approach the mortgage supplier regarding a reduction on the ECR.

    Of course you may well get a very confused 1st line support caller and have to escalate this to get any sense.
    Yes it does Mttsy.Thanks for now understanding why I need to do this for my sanity lol 
  • GDB2222
    GDB2222 Posts: 24,318
    Name Dropper First Post First Anniversary
    Forumite
    I am surprised that a bank told you to sell your house at all, although it is obviously one way to redeem the mortgage. 

    However, if you are selling, the general idea of selling sooner rather than later seems sensible, as prices are dropping. I don’t think you can really expect someone giving general advice over the phone to think about the ERC, necessarily. Even if they should have, it was an oversight rather than a conspiracy to lose you £1800. 
    No reliance should be placed on the above! Absolutely none, do you hear?
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