Showing results for tags 'erc'.
Found 3 results
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i had a mortgage with a high street lender. on a fixed rate with high erc. looked to sell property and port to new house. lender agreed to wave erc. (new house was not completed on same day as old house). new mortgage offer did not include any erc's etc but did insist old mortgage was fully redeemed. interest rate was same as old fixed rate mortgage but the new mortgage offer gave no details for period of loan. one year into the new mortgage and the rate was changed as per the mortgage conditions on the old house. the rate was too high so i opted for a new fixed rate and got hit with a 6% erc which was over 30k!!! the erc was also based on the new mortgage sum which was 50k more than the old mortgage my question is 'if the old mortgage was redeemed in full and the erc waived, how can the new mortgage attract an erc and have the same conditions as the 1st mortgage?
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I recently opened a claim against GMAC for a very high early repayment charge I padi back in 2007. The reason for the early payment was due to having 2 properties both (through GMAC I couldn't afford) and the crunch happened and I couldn't get a tennant. I was a couple of months overdue with payments but GMAC bullied me into putting both houses up for sale. They were vicious and bullying. The actual ERC was higher than the last 10 mortgage payments. I paid around £12k for paying 10 months early in a 2 year contract. I'm wondering what other cases there are similar to mine in order to properly write up a proper complaint. I reckon the £12k is winnable, I wasted £12k selling my house (cheap) from fear of repossesion. I eventually had a tennant lined up despite being in arrears.. I feel like I was forced into a corner. I could really use some previous case references and/or letter templates. I have sent GMAC my initial complaint and they are distancing themselves from it saying to complain to my broker if i felt I was sold the mortgages ireesponsibly?
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Hi there. My brother and I are in very similar positions with our houses in that we both bought around the same time last year and selling the same time this year. The big difference is between our ERC's which we both have Nationwide. My ERC will likely be around £3500 which I do think is excessive and unaffordable (hence the sale) but my brothers is £9,500 which seems totally ridiculous. It's essentially 5% of his mortgage. Where do we stand with these. I saw the stickies but they appeared to be around 2007 so am not sure what has changed if anything. Any help is greatly appreciated.
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