Does this exist?

z3mcoupe

Longtime reader, but first time poster. I suppose the draw gets too much in the end :-)

OK, I'm a complete mortgage newbie so am hoping one of you resident experts can help me out with an elementary query.

Are there any mortgages that allow paying back in full without any additional charges or early payment penalties?

Assuming the answer to the above question is yes, are there any fixed rate mortgages that allow early repayment without surcharge?

The scenario the above questions are trying to solve is thus; a person wants to borrow 100k but intends to pay it back within 18 months. What is the most sensible (and cheapest) way to achieve this? Traditional mortgage? Multiple loans with delayed initial repayment periods, then interest free card tarting for the next 12 months? Another possibility?

Thanks in advance for any help.

herbiesjp

I would think a traditional mortgage would be the simplest option for you.

Multiple loans - the rates may be higher

Card tarting - you going to have to go some to get £100k on cards

Joe_Bloggs

There are some very cheap 2 year deals. Even Nationwide are offering a 4.49% rate for £399. The bonus is that overpayments are unlimited once they dump you onto the SVR of 5.89% after two years.
YBS do a life of balance 4.95% offset tracker with no early repayment fees for £495. You can offset your savings from interest payable upto the mortgage balance with this one. So you only pay interest on the difference between the mortgage and savings balances. These are not product recommendations but just examples of what is out there.
J_B.

Tassotti

My opinion, go for a mortgage like the one account. This way, you can overpay by any amount you choose, and if you do manage to pay back 100K over 18 months (wow), you still have access to the original amount borrowed.

Tass

payless

SVR nearly always allow
some trackers & discount rates cdome with no penalties at all
Even some fixed rates

Some deals allow " all but total repayment"