needing advice

richierich007 · 11 March 2018 at 11:10AM

hi all been a while since ive been here so here goes

i`m coming into some cash soon, and i wish to pay the mortgage off, so start off ive had the mortgage 28 years, originally 25, then because of none payments i had to take a remortgage out after the original 25 was up, anyway moving forward my my fixed rate is coming to a end in july, and the windfall is in mid april, i have used up my overpayment allowance already (10%), now i know the bank will ask for the 3.5% early exit charge, yet if i pay the monthly payments until july they will gain no extra cash, it will work out loads cheaper for me to pay the fixed rate upfront to july and allow me out early, as this mortgage is now over 28 years and made a LOT of cash out of me in the high interest days, will they wave my early exit fee or will they be trying to keep there claws on my home

any help would be great, thank you

davidmcn · 11 March 2018 at 11:14AM

richierich007 wrote: »

will they waive my early exit fee

No, they won't.

ACG · 11 March 2018 at 12:52PM

As above, they will not waive the early repayment charges.

locky82 · 11 March 2018 at 12:53PM

Who is the mortgage with? I was able to switch products 3 months before the end of my deal. If your mortgage provider has this facility you could switch to a tracker with no early repayment charge in April and then pay it off when your money comes in. Otherwise sit tight for 3 months

richierich007 · 11 March 2018 at 2:26PM

thanks for the replies all

i thought that would be the ans i would get that i would have to pay the fees

the mortgage is with ex northern rock (take over) now with virgin
the fee is aprox £300 , looks like i will pay my monthly payment until july then pay it off then, will call the bank up in april and see what they say and will keep you guys updated then so expect this thread jumping back up then

richierich007 · 11 March 2018 at 2:35PM

ps the last time i looked at my credit file was before virgin tookover northern rock and NR did not have this on my file, question i remortgaged 2 years ago question is will virgin have my mortgage on the credit file

richierich007 · 8 June 2018 at 9:04AM

quick update, i`m wanting to pay the mortgage off today, 3 weeks before end of my promotion period
ive called virgin, and the adviser still saying i have to wait
i explained the £300 fee is way ott, even variable apr wont come to that a year not mind 3 weeks and as for all the money they have had off me in 28 years and the account will not be making any extra cash for you as i will not pay the £300 so you can have it your acc now or wait for 3 weeks and i can have a bankers cheque in your branch this morning
that got him buzzing a bit, he said the redemption team is in at 9 along with a supervisor, they will be calling you
finger crossed they see sense
keep u lot updated

goodwithsaving · 8 June 2018 at 9:43AM

You agreed to a term, they agreed to lend you money for that term and banks base their income on this. They make money over 25, 30, 35, 40 years on interest from a mutually beneficial arrangement - that's how mortgages work.
Why not just wait until July. For the sake of three weeks it seems like a lot of aggro to go through!

richierich007 · 8 June 2018 at 9:48AM

but same goes other way around, if i had a bond that was in its final month and the bond holder said i will pay you up to the end of the term with no penalty you would jump at it

BoGoF · 8 June 2018 at 10:16AM

That's not even a close comparison

TamsinC · 8 June 2018 at 11:49AM

Just wait the 3 weeks. Your money is earring a little interest and you save the ERC. It's not like it's 18 months you need to wait. Patience is a virtue.

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