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selling early

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  • selling early

    Hi there me and my girlfriend have just bought a house last november, we bought the house for 97000 but our house has been valued at 115000, we have a 2 year fixed mortgage. My question is if we were to sell up in the next few months for 115000 would we get any of that extra money back and would we get charged for selling early? Please help thanks.PHIL.

  • #2
    Is moving against the mortgage contract?


    • #3
      Hi Phil

      Most mortgages these days have redemption penalties built into them. Therefore if you decide to effectively finish your mortage before your initial 2 year period then you will be subject to a penalty dependant on the amount of time still owing i.e. the more time you have left on your mortgage deal the more the penalty charge.

      This isn't reflective of all mortgages but is a standard feature in most common forms of contract.

      If you sell through an estate agent, their fee will also have to be taken into consideration. At the standard EA's rate of 2% you would owe a further £2,300 (if you sold for £115,000).

      Hope this helps, Chris