Mortgage Repayment

hansi

My mortgage officially finishes on 8th Sep 2010. I have a redemption amount from Britannia. I will be in a position to pay this at the end of May when my endowment matures and there is no early repayment charge. I have noticed that if I pay it off before the redemption date, there is a discharge fee of £125 plus £35 Deeds Releaee Fee. Would I be better off putting the endowment money into a savings account from May to September, or pay the fees. I would have to pay four more months of interest to Britannia of about £100 per month, so I guess I'd be better off paying the mortgage off in May and paying the charges? Yes?

hansi

Following on from that, I also see that they want the mortgage completion cheque to be sent by CHAPS on the redemption date. Another £35! Can I not go in and pay a personal cheque well in advance of the redemption date?:mad:

getmore4less

What about paying most off it off an leaving a few quid(on repayment) till sept so it finishes normaly

hansi

I don't think I can do that. I have a fixed rate till 10th May and then SVR rate from then on, but I'll check with Britannia.

ViolaLass

SVRs usually have no ERC so you should be able to do what getmore4less suggested.

hansi

I'm going in to see Britannia this afternoon. I don't see any problem with repaying the bulk of it after the fixed rate period ends either:beer: