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Timing a remortgage with Early Repayment Charge
XEO25
Posts: 183 Forumite
Hi, I'm looking to remortgage with a new lender (NatWest) for a much better rate + for some additional borrowing. I have an AIP from NatWest and we're about to go into full application.
My existing fixed mortgage has an ERC of 3% up until 30 Sep, which drops to 2% on Oct 1st.
Is it possible to go through the full application now with Natwest but hold fire on completion until Oct 1st to avoid the 3% ERC? I'm doing it with a broker but he's on holiday for the next week so I can't ask him until he's back.
Thanks to anyone who can advise.
My existing fixed mortgage has an ERC of 3% up until 30 Sep, which drops to 2% on Oct 1st.
Is it possible to go through the full application now with Natwest but hold fire on completion until Oct 1st to avoid the 3% ERC? I'm doing it with a broker but he's on holiday for the next week so I can't ask him until he's back.
Thanks to anyone who can advise.
0
Comments
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Yes - it's quite normal to go through the process but it be on hold until a set date (such as when ERC expires or reduces).
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The solicitor/conveyancer handling the transaction will ask you for your preferred date.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.1
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Amazing, thanks both0
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