minimum mortgage fee

HardSpend

hi I posted in the exit fee forum before I noticed it was very quiet, my question was is there a minimum value you must leave in your mortgage?? e.g. can I leave just £1 in my variable mortgage which has 7 years to run and I will pay off £1 over 7 years or is there a minimum payment?

im with Bank of Ireland and the exit fee I want to delay paying is £195 but obviously want the mortgage as low as possible if I have money to do that

kingstreet

In the days when lenders used to store deeds, it was advocated leaving £100 outstanding on your mortgage to gain free deeds storage when you would otherwise repay your mortgage and store them at your own cost.

MOTWYW

HardSpend

is there a minimum payment each month?

kingstreet

HardSpend wrote: »

is there a minimum payment each month?

Not that I know of. It would simply be a payment to repay a £100 mortgage, plus interest by the end of the agreed term.