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Mortgage question

jewls
jewls Posts: 165 Forumite
in Mortgages & endowments
Hi
We have a fixed rate mortgage taken out in 2005 for 10 years paying 249 a month we have money to pay it of is it worth doing it

Any penalties

Cheers

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Most likely an Early Repayment Charge but check your paperwork or speak to the lender to get exact info.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    What is your fixed interest rate?
    Free the dunston one next time too.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    jewls wrote: »
    Hi
    We have a fixed rate mortgage taken out in 2005 for 10 years paying 249 a month we have money to pay it of is it worth doing it

    Any penalties

    Cheers

    I don't know your rate of interest.

    I don't have sight of your mortgage documents to know if there are any early repayment charges.

    So I'll guess. It's all I can do.

    Pay it off. I'm probably right. Maybe.
  • hiswitzend
    hiswitzend Posts: 40 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Most lenders now allow you to pay 10% however you would need to check with them.

    I am on a 10 year fixed rate with Halifax and the last 4 i have over paid and imho yes it was worth it. I can pay 10% rolling each month, just keep an eye on what u have paid. I have penalties if i pay it off early so the aim will to ensure its not paid before the 10 years is up.
    Mortgage when started: £78,314 :- 10 year fixed till Feb 2019
    Current mortgage (September 2016):£Paid
    Mortgage free day: Feb 2020
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    hiswitzend wrote: »
    I have penalties if i pay it off early so the aim will to ensure its not paid before the 10 years is up.
    Sometimes it is worth paying the penalties
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Check to see if you overpay without penalty.
This discussion has been closed.
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