The exemption covers borrowers with both Bradford & Bingley (B&B) and Mortgage Express deals. All customers whose products carry ERCs – including those on all relevant residential, buy-to-let and lifetime mortgages – will be contacted by the middle of January with news of the waiver.
Andy Wiggans, director of mortgages at B&B, said: “The early repayment charge waiver helps us to support customers who want to take advantage of the improving market and sell a
property or source a new mortgage deal from another lender who is better able to meet their long-term borrowing needs. It also provides a great opportunity for customers to
improve their equity position, by making a capital repayment and reducing their overall mortgage debt.”
The lender previously waived ERCs between February and June 2009, to the benefit of many customers. The current waiver is available until further notice, although it could be withdrawn in the future, Buy-to-letsubject to B&B giving customers three months’ notice. The latest move comes as part of the nationalised lender’s long term objective to wind down Mortgage Express.
