Selling property and ending a mortgage

mushyp_2

Hi
Currently living in a shared ownership property and need to sell as we need a bigger place. Unfortunately that means getting off the property ladder as we cannot afford the deposit needed for a larger place.

Does anyone know what will happen when we sell and want to end our mortgage as we are not buying a new place and will be renting?
Will we be charged for ending our mortgage early?

Thanks

[Deleted User]

It would depend on whether you have an early redemption penalty on your mortgage.

kingstreet

If you look on your latest mortgage statement, pre-sale key facts illustration or mortgage offer, the amount of early repayment penalties and their duration, together with any final, or discharge fee will be clearly visible.