We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MPowered Mortgages - paying early repayment charge
Jack1567
Posts: 2 Newbie
Hello
I don't know if anyone else has experienced any problems with MPowered mortgages since they recently announced they are ceasing trading. This means they are not taking on any new applications. I took out a 3 year fixed mortgage with them. Now in my second year. I would like to buy a new house with another lender but they have said to move to another, I would have to pay the early repayment charge which is about £1644 and they will not waive it. I think this is very unfair. However now they have changed their mind and responded to say they will now consider a porting application (with additional borrowing) but I don't wish to stay with them. I just would like my fees waived. I would appreciate any advise on this matter. Thank you.
I don't know if anyone else has experienced any problems with MPowered mortgages since they recently announced they are ceasing trading. This means they are not taking on any new applications. I took out a 3 year fixed mortgage with them. Now in my second year. I would like to buy a new house with another lender but they have said to move to another, I would have to pay the early repayment charge which is about £1644 and they will not waive it. I think this is very unfair. However now they have changed their mind and responded to say they will now consider a porting application (with additional borrowing) but I don't wish to stay with them. I just would like my fees waived. I would appreciate any advise on this matter. Thank you.
0
Comments
-
Why do you think it very unfair that you abide by the contract you signed up to?1
-
Cause they stopped trading and initially said I couldn't port or borrow any further funds. Now last minute they are saying that they have changed their minds which for me isn't good. This will be considered on a case by case basis0
-
Any lender which offers porting is subject to them agreeing to lend on the next property. And in this case they are apparently letting you port, so I'm not sure what the problem is.
Your options are pay the ERC, port the deal, or stay where you are until the deal ends. And those were always your options.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards