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  • FIRST POST
    • Valmike
    • By Valmike 30th Nov 17, 4:39 PM
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    Valmike
    Avoiding Early Repayments
    • #1
    • 30th Nov 17, 4:39 PM
    Avoiding Early Repayments 30th Nov 17 at 4:39 PM
    Hi,
    I am selling my house. My current mortgage deal ends in December 2018. If I sell my house and pay off the mortgage I believe I will have to pay early repayment charges. Can I hold on to the money that I would get from the house sale that would pay off my mortgage (I don't need a new mortgage as I'm not buying a new house) until my present mortgage deal ends, therefore saving having to pay ERC?
Page 1
    • kingstreet
    • By kingstreet 30th Nov 17, 4:47 PM
    • 33,393 Posts
    • 18,075 Thanks
    kingstreet
    • #2
    • 30th Nov 17, 4:47 PM
    • #2
    • 30th Nov 17, 4:47 PM
    No. The solicitor handling the sale must give unencumbered title to your purchaser's solicitor and does that only by undertaking to repay any charges secured on the property.

    Therefore, you will get only the funds left after the mortgage is repaid.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • BoGoF
    • By BoGoF 30th Nov 17, 4:48 PM
    • 3,138 Posts
    • 2,425 Thanks
    BoGoF
    • #3
    • 30th Nov 17, 4:48 PM
    • #3
    • 30th Nov 17, 4:48 PM
    Of course not.....your mortgage company needs paying before they will release their security. Until they release security nobody can take ownership of the property.
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