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Early Repayment Charges
Antramsden
Posts: 1 Newbie
Can anyone help with whether we have a case against paying ERC. Last year we purchased an old commercial property which we had tenants lined up for and who had signed an agreement but because our mortgage company's solicitors took so long over the legals - we eventually lost our tenants. So we had to do something with the property and eventually got planning permission for residential development. Our mortgage company were at the point of offering us a development loan, and then decided to pull out of the market - leaving us with no choice but to look at an alternative lender. The problem is that they had a 2% ERC on the mortgage even though there was no fixed or special rate at all, my question is do we have a case of trying to get the ERC waivered.
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