25% or 20% and fees

lkmc01

ViolaLass wrote: »

You might want to sell, for example.

I will probably want to sell within 10 years, but for something of a higher value. Does this still apply to the repay early option?

kingstreet

lkmc01 wrote: »

I will probably want to sell within 10 years, but for something of a higher value. Does this still apply to the repay early option?

You SHOULD be able to port the remaining years of your fix, at the outstanding amount owed, to a new mortgage without penalty. However, this is not a guarantee of a new mortgage and you have to satisfy the lender's criteria at the time.

Porting is moving an old rate to a new mortgage, not moving an old mortgage to a new home. This is an important distinction.

Any reduction in the mortgage amount would result in the payment of a penalty.

lkmc01

But I can say that we will ever only be after more expensive housing, not cheaper

kingstreet

As long as you know the pitfalls, you should be fine.