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Redemption Penatly
tackle2004
Posts: 3 Newbie
I have a mortgage with Alliance and Leicester and have now sold my house which I was not expecting to do. I am now buying a property mortgage free with the equity but I am having to move into rented first as the house I am purchasing is not ready yet.
The redemtion penatly is 3% of the balance out standing. The mortgage is fully flexiable and I can make as much capital repayment as I wish as long as I do not pay the full amount outstanding. Can I pay off 99% of this 1 week before I fully pay off the debt and sell the property so that I only pay the 3% penalty on 1% ???
The redemtion penatly is 3% of the balance out standing. The mortgage is fully flexiable and I can make as much capital repayment as I wish as long as I do not pay the full amount outstanding. Can I pay off 99% of this 1 week before I fully pay off the debt and sell the property so that I only pay the 3% penalty on 1% ???
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