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Selling house and paying early redemption charge
Comments
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sunshine_shell wrote: »I borrowed 85K and i want to sell up and move closer to my parents but i'm waiting till my fixed term is over otherwise i have to pay the full 85k back and loose the money i have payed off
Errrr..What?!?!
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I agree it is unlikely, as the mortgage would be unsecured (and the bank are happy to receive the ERC!).
Could I ask why you have to complete three days before? x
The chain cant wait any longer as their mortgage offers are expiring.
I dont think the bank can hold off 3 days as they dont have the mortgage secured anymore although they could secure it against the money from the sale couldnt they ?0 -
The chain cant wait any longer as their mortgage offers are expiring.
I dont think the bank can hold off 3 days as they dont have the mortgage secured anymore although they could secure it against the money from the sale couldnt they ?
It's safer for the bank to have a debt secured against cash held in an escrow account than secured against a house. Clearly it's more profitable for them to take the ERC and take the cash too!0
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