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Redeeming Britannia Mortage
hansi
Posts: 3,001 Forumite
I have an interest only mortgage which ends in Sept 2010. As the endowment has now matured, I will be in a position to pay the mortgage off in early June. Britannia have said they will send me a redemption quotation for that date but state that final payment should be made by a CHAPS transfer. As I want to avoid having to pay my bank £25 for the privilege of doing this transfer, do you think Britannia would allow me to pay in a cheque for the redemption amount at a local branch two weeks prior to the redemption date to allow them to clear the cheque. I just wondered if anyone else had done this?
0
Comments
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They're saying that because the quote will only be valid for one day. If your mortgage allows overpayments, then if you can bring the total down to below 10k you could make a faster payment on the agreed day.
Cheques cost money to process for Britannia, so why not make a BACS payment a week before as an alternative?0
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