Mortgage early repayment

twodogs446

I have a fixed rate mortgage and would like to pay-off a sizeable portion of it next month. I understand that this will incur an early repayment charge. As the mortgage year is also due to change, can I make an annual overpayment just before the mortgage year ends, then make another almost immediately after to reduce the total amount - then pay my lump sum ?

KarenBB

That would depend on the T&C's for your mortgage. Some mortgages you can overpay so much each calender month, in my case £500 so I couldn't, but others it's so much per year in which case you would be able to pay one this year and then another once it's the anniversay. You'd need to check you mortgage offer or call your mortgage company to check the terms for yours