Mortgage Express to scrap ERCs
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Mortgage Express is scrapping early repayment charges but says it has no plans to offer customers golden goodbyes so they can remortgage elsewhere.
Since the mortgage assets of Bradford & Bingley and Mortgage Express were nationalised in Sept-ember 2008 the lender has been looking to cut the size of its mortgage book.
As part of this strategy the company says it will be doing away with ERCs from February 1 and this arrangement will remain in place until further notice.
But a spokesman for B&;B says its objective is to get the best deal possible for taxpayers so it will not be looking to extend the incentive to include golden goodbyes.
In 2009 Morgan Stanley and GMAC-RFC started to offer borr-owers 15% to 20% of the value of their mortgages to remortgage with other lenders.
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