Early redemption charge

[mummynumnum]

We are taking advantage of buying a v cheap 4 bed and have sold ours yesterday. Only just managed to avoid negative equity on ours. Have mortgage sorted out. Our mortgage co would not give us a new mortgage as only had 10% deposit and they wanted 20%. Of course now want their early redemption penalty of 8000. Is there anything we can do? We did turn to them first for our mortgages. Or am I just gonna have to suck lemon on this one.

I know 6000 alot. I would wait, but dh head over heels in love-right house, right road, right school round the corner!! getting a really bad headache!

I am a teacher,so like to think fairly save but who knows. I have never been good with money!!!

Glad you werent made redundant leningrad!!

My head says don't do it!

My heart would say - go ahead 6K on a CC isn't that bad at all esp. if you get a 0% or move it to one with a low % for the life of the balance - HBOS had a 3.9% for the life of the transfer.

One of my big regrets was not buying a particular house about 10 years ago. It was about 10K over budget but we could have had an extra 5K from the bank and put 5K on a cc - we didn't. FF 6 months and I had a new job that paid almost double what I'd been on when we'd bought our house and of course house prices went mad!

Think that is it-it is our hearts. Always liked the house. We always said we would only move to that road and was way over 250 few years ago and way out of our league. CC are 0%, although HBOS sounds good.

Second what someone else said - why not move your existing mortgage amount to the new house, and get an additional mortgage from someone else to cover the difference? Surely the company should be able to talk this sort of thing through with you. WE did this when we moved a couple of years ago (had to get a buy to let mortgage in order to keep the old house as we couldn't sell it quickly enough to buy the one we wanted, then used that money as the deposit on the new house to get the additional mortgage...scary for the year it took to sell the old house, but worth it to be here!).

Ok will go back to London and country and see if they can look into this for us.

We so dont want to lose it but...