Advice needed regarding paying Lump Sum or Remortgage

the_muff

Hi looking for some advice please, i currently have a mortgage with the CIS and was hoping to make a lump sum payment, my current outstanding balance is 64,992. i was wanting to make a lump sum payment of £20,000 however i have been told i can only make a 5% payment each year which is only £3249. Im 5 years in to a 10 year fixed rate at an interest rate of 5.59%. Just wodnering what to do id like to pay a lot more, just wondering if id be better of remortgaging but the early settlement fee on the account is £837.50.

Any advice would be much appreciated

Cheers

dimbo61

Can you contact your lender and ask if its possible to reduce the term !
I reduced my term by 12 years ( cost me £50) and therefore have a much bigger mortgage payment each month.
I hate paying ERC so if you can find a way round that and increase you payment each month that will save you interest