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Paying off your mortgage
rocky1996
Posts: 17 Forumite
We have an interest only mortgage and are in a position to pay it off. if we do is there a rebate payable
0
Comments
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No, there are no prizes for repaying a residential mge early.
Personal loans may have a rebate of interest (which unlike on a traditional mge arrangement, is essentially front loaded and spread over the loan term, with the rebate actually being the adjustment of interest due to early repayment), but this method of charging does not apply to residiential mortgages. (albeit there may be an a adjustment if your mge is on annual rest)
Hope this helps
Holly0
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