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Early Repayment Charges can be waived by Lenders when the borrower is moving to a new property with a new mortgage but Lenders seem pretty poor at managing this automatically.
This looks like a case where the completion statement showed an early repayment charge but would not have done if it had been highlighted to the Lender as being waived.
The Broker does not see the completion statement so would not have know this problem was occurring and it certainly looks like the Lender will refund the fee. All will end well.
The moral of the story is that if you are moving to a new property and taking a new mortgage with your current lender, this may well lead to any ERC being waived, If so, ask the solicitor to make sure the redemption figure from the Lender does not show an early repayment charge.
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.
