Please advise anyone who may have done this

poundnotes_2

I took voluntary redundancy from my work and got a lump sum and a small monthly pension. My mortgage payments are high, nearly aswhat my pension will be. I need to pay a good chunk off my mortgage and lower my monthly mortgage repayments otherwise I wull end up in financial disaster.

I am with one of the big lenders, can they refuse my request and if so, what can I do about it? I do not have any arrears etc.:eek:

_Andy_

Depends on the T&Cs of your mortgage product. E.g. most standard variable rates you should be OK with. Nearly all fixed rates will mean an early repayment charge.
Best to check with your mortgage lender.

happybroker

your lender can't refuse repayment of all or part of the mortgage but they can make an early repayment charge if this is stipulated in the conditions of the loan, speak to them as Andy says and they should be able to give you an answer quickly

poundnotes_2

My main aim in paying a chunk from my redundancy money off my mortgage is to lower my monthly mortgage repayments as my 'little' works pension will not cover them. As for trying to sell my house at present and rent I don't think I could give it away! :eek:

If I am lucky I might be able to get a part time job, but at my age (although there is a law which is supposed to protect againist age discrimination) I don't hold out much hope.:o