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My ERC ends 02/11/2023
Mustbeananswer??
Posts: 548 Forumite
I am planning to move 03/11/2023 and clear the IO Mortgage with the proceeds of the sale.If the sale collapses what is likely to happen please.My deal ends 02/11/2023.
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Typically, you move onto the SVR when the deal ends. Your contract will verify this.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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What is the SVR please??0
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Product end date2nd Nov 2023Interest rate2.14%Remaining term0 years 2 months0
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Standard variable rate. You can google what your lender’s SVR is.Mustbeananswer?? said:What is the SVR please??I'm a Forum Ambassador on the housing, mortgages & student 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.0 -
Do you mean the mortgage term ends in 2 months or the fixed rate deal?Mustbeananswer?? said:Product end date2nd Nov 2023Interest rate2.14%Remaining term0 years 2 months
Either way if you are selling it isn’t so important. If the whole term is ending then the lender will expect the mortgage to be redeemed. If you don’t redeem on the date then they will contact you to query this, but there is little they can do for a few months.I'm a Forum Ambassador on the housing, mortgages & student 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 -
Given the term ends shortly afterwards just communicate clearly and openly with your lender, there is little incentive for them to do anything costly as long as you keep them in the loop and are actively seeking a sale as quickly as possible...Mustbeananswer?? said:If the sale collapses what is likely to happen please.My deal ends 02/11/2023.
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If it over runs for a week or 2, it will be fine. Just explain to the lender what is happening.
If it gets to 3 months, then it might be a different story and they will be pressing and probably applying charges.I am a Mortgage AdviserYou 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.1 -
I have copied and pasted what they are saying from my on line banking and have to admit I found it a little confusing too ??0
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