Can anyone please explain whether there is anyway to avoid ERP? My 2 yr fixed rate with Halifax ends on 30th September but my sale is likely to complete in mid-August.
Is there any way of reducing the ERP seeing as I'll be within 2 months of the fixed-rate period? I was thinking if I repaid whatever amount would be the equivalent of my mortgage up to my exit date, then they would be getting the same amount of money, wouldn't they? Obviously they would want to calculate the interest they would miss out on and add that on.
Is this feasible, or what can anyone suggest? Presumably people are exiting fixed rates early all the time; are they really all getting stung for the ERP? Any advice please?
Is there any way of reducing the ERP seeing as I'll be within 2 months of the fixed-rate period? I was thinking if I repaid whatever amount would be the equivalent of my mortgage up to my exit date, then they would be getting the same amount of money, wouldn't they? Obviously they would want to calculate the interest they would miss out on and add that on.
Is this feasible, or what can anyone suggest? Presumably people are exiting fixed rates early all the time; are they really all getting stung for the ERP? Any advice please?