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Reducing term but not changing deal?
Bluerover
Posts: 124 Forumite
Is it possible to reduce the term of my mortgage without changing deals...I have 5.99 fixed till May 2010....and I just wondered is it possible to reduce the term without changing deals....and paying ERC....?
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Comments
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Do you have any money in a cash ISA? How much?
If you have more than £9K then you can transfer to Ruffler bank and save at 6.25%.
I think that would be better from a number of viewpoints
1) Better rate
2) ISA allowance is tax free for life (not just until the mortgage ends).
3) Money is available in an emergency.
If you want to reduce the term then you would need to speak to your lender to see if they will allow it.0
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