Exiting a mortgage early
Discussion
Jonno02 said:
Caddyshack said:
Who was the lender? How long ago? I bet they only waived it on renewal of the product under retention in the last 4 months of the current deal (like Santander), lenders will not do it 2 yrs in to a 5 yr fixed for example.
Just looked back to find out. Halifax, 13 months left of a 3 year product. Early exit fee waived. This was in 2018.Caddyshack said:
Unfortunately lots of wrong answers in this thread.
As a broker of 25 years there is little to no chance at all of getting a lender to roll over on an ERC penalty...it is priced in to the contractual agreement for a reason. No amount of foot stamping will get them to not charge it.
Most deals allow for 10% overpayments per annum so you can reduce the mortgage in chunks but if you exceed that amout then a pro-rata penalty will be payable.
Santander waived the fee when I approached them directly to get a new mortgage. This was two and a half years ago when I wanted to move house.As a broker of 25 years there is little to no chance at all of getting a lender to roll over on an ERC penalty...it is priced in to the contractual agreement for a reason. No amount of foot stamping will get them to not charge it.
Most deals allow for 10% overpayments per annum so you can reduce the mortgage in chunks but if you exceed that amout then a pro-rata penalty will be payable.
Tlandcruiser said:
Caddyshack said:
Unfortunately lots of wrong answers in this thread.
As a broker of 25 years there is little to no chance at all of getting a lender to roll over on an ERC penalty...it is priced in to the contractual agreement for a reason. No amount of foot stamping will get them to not charge it.
Most deals allow for 10% overpayments per annum so you can reduce the mortgage in chunks but if you exceed that amout then a pro-rata penalty will be payable.
Santander waived the fee when I approached them directly to get a new mortgage. This was two and a half years ago when I wanted to move house.As a broker of 25 years there is little to no chance at all of getting a lender to roll over on an ERC penalty...it is priced in to the contractual agreement for a reason. No amount of foot stamping will get them to not charge it.
Most deals allow for 10% overpayments per annum so you can reduce the mortgage in chunks but if you exceed that amout then a pro-rata penalty will be payable.
C G said:
Just moved to a different deal with current lender (Nationwide) in month 57 of 60 and no charge payable.
Yes, that is common with them if taking a renewal deal or porting in last few months...quite different to asking for a new deal half way through which is what the thread was about (I believe)Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff