Rules for re-paying a mortgage very early

Laura1984

Hi there, some very interesting information on this board so thank you! Assuming you are aware that the ERC is payable if you pay the mortgage back within a certain amount of time, is there generally any time limit as to how early you can repay a mortgage? I ask because my mum is currently looking at mortgages in order to pay off her ex husband who has secured a new property. However, my mum wants to sell our current house as soon as possible and downsize, this might be in as little as 3 months time. We have studied the lending document closely and it doesn't mention anything about it. We know there will be smaller exit administration fees, as well as the large ERC but I'm wondering whether mortgage lenders generally stipulate that you must keep the mortgage for a certain amount of time, as a general clause?

Met_Bobby

A quick call to the lender will get you the definitive answer. Of course, lenders only make their profit from interest repayments, so why would they lend money to you for only a few months?

Better that the ex-husband is made to wait until the property is sold.