Me and my wife are looking at going through the BR procedure next week. . . . but so many questions ? ? ! One of which is (and I must admit, we have trawled this forum and got conflicting answers when others asked?)does the Early Redemption Penalty come in to the equation of what you actually owe to your Mortgage company,or doesn't it? ? ie: if it isn't then it changes the equity situation in our property considerably! 2 Local agents say market value at present = £245,000/£250,000. The figure owing to Mortgage Express is £255,000 with an ERP of £12,700, is it just which O.R.you get, or is it a factual thing ? ? ! yes it does. . . . or no it doesn't :-(
The OR will take the current balance owed to the mortgage company not including an ERP, as you are purchasing the beneficial interest back and not redeeming the mortgage
Help ! Early Redemption Penalty ?
Posted - 05 July 2009 : 15:14:38
