Mortgage advice

chrislocalboy

chrislocalboy

chrislocalboy

Associate
Joined
21 Feb 2006
Posts
330
Location
Stoke on Trent
I'm just wondering something!!! no real reason for it but it just popped into my head!

Myself and my partner bought a house back in April of last year, everything was all sorted out by a financial advisor and he did a cracking job!

My question is simply this..... suppose for example me and my partner were to split up for whatever reason, what would happen? could we just sell the house and pay the mortgage broker back what we borrowed with some kind of exit fee on top?

No second thoguhs or anything I was just wondering, cheers peeps.
 
the broker only arranged your mortgage, he is not the peron you owe the money to.
you will have been lended the money by a bank or building society.

to be hionest im supriosed you dont know who .

you need to ask them about redemption penalties etc which are the exit fees you mentioned.

some mortgages have them and some dont, so it pays to do your research and really understand the product your getting :)
 
So basically if the need every arises we could get out? we'd just have to sell up and pay whatever fee they stick on us?

The mortgage company is Accord Morgages and if my memory serves me right they are part of the Yorkshire Building Society.
 
i wuodl suggest the easiest thing woudl be to have a quick chat with yorkshire,. once your mortgage completes the brokers are out of the loop.

you may well have a mrotgage with no redemption at all, there are plenty of those (i have one myself). some charge a months interest, others a months mortgage, others more. it depends on the product.

if your not sure its always good to know, as if you ever put your house up for saloe in the redemption period - they usually last for the special discounct/rate period and then thats it - you woudl want to take it into account.

if e.g. you have a 3 year fixed, the redemtion mught be for 4 years (to get you on the normal rate for a year) or just the 3 years.
 
Right I get you!!!! I'm not bothered in knowing about the fees and stuff I just wanted to know that if this crap hit the fan we could sell up, go our seperate ways and go back to our parents houses or something..... we wouldnt have to stay in the house for 'x' amount of years even if we'd split up for example.
 
You can always get out of a mortgage, you just may have to pay £1000s to do so. It depends on the type of mortgage you have, some are more flexible than others. You really should know this if you have a mortgage as it is one of the most fundamental & important things that you check before you arrange it in the first place.
 
With a residental mortgage you have 2 documents you can refer to, you should have a Key Facts Illustration which you should have recevied early on in the mortgage process and you should have your mortgage offer, both of these documents should detail any early repayment charges and exit charges.
 
I think its something like a penalty within the first 5 years of taking out the mortage and paying it off within this time. I think mine is £5K
 
rayer said:
I think its something like a penalty within the first 5 years of taking out the mortage and paying it off within this time. I think mine is £5K
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Rayer I can only assume you took out a 5year fixed mortgage. Often with a mortgage an Early Repayment Charge will only last as long as the introductory intrest rate, anything longer then that and you have whats called an "overhang".

Chris the best point of contact for advice on your mortgage is the Financial Advisor that sold you the product in the first place, should you split up with your partner they're a range of options. Seek professional advice if you need it.

Whilst I am a mortgage broker I'm in no position to advise you, I simply am not aware of enough of the facts. Seek professional advice.
 
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