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Transfer of Equity Early Repayment Charge
Grecian123
Posts: 25 Forumite
Hi all. I am recently married and I have just sold my home and transferring the equity into my wife’s home.
I'm currently going down the legal process and the bank is happy for me to go on the mortgage of my wife. I am putting in a lump sum to pay the mortgage down. The question is on ERCs. We are staying in the same fixed rate term, but get a new mortgage account number. Would I be stung for ERC for the full mortgage remaining (ie, is it seen as ending agreement early to open new agreement), or would it be just on the lump sum I am paying in (minus the annual allowance). I seem to get vague answers from the legal team
I'm currently going down the legal process and the bank is happy for me to go on the mortgage of my wife. I am putting in a lump sum to pay the mortgage down. The question is on ERCs. We are staying in the same fixed rate term, but get a new mortgage account number. Would I be stung for ERC for the full mortgage remaining (ie, is it seen as ending agreement early to open new agreement), or would it be just on the lump sum I am paying in (minus the annual allowance). I seem to get vague answers from the legal team
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Comments
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What have they told you about the mortgage product following completion? If you're continuing the same deal then I would expect any ERC to apply only to the lump sum.
Also might help if you told us who "the bank" is as I expect they have different policies!0 -
You'll need to ask the mortgage provider as they are the only ones who'll know.
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