right to buy ?

posty_3

We are going down the right to buy road with the council and have been to the ABBEY to get a mortgage and they have said they will give my partner a mortgage and take the right to buy discount as a deposit and we plan to use most of my wages to pay off the equity without any early repayment charges but thought it best not to mention this to the bank.

My question is how much can we pay off without paying early repayment charges and are there any other banks that let you pay off early without paying the fees ?

tia

steve

Scott

I very much doubt they'll waive any early repayment charges, especially since you're
going to be taking away their business so quickly, meaning the product will still have a long time left to run on them.

I couldn't advise if any banks do, but I'd be somewhat surprised, given the nature of what you want to do.

Try decreasing your term first, they may allow that, they may not, but this would have the effect of increasing your monthly payments.

herbiesjp

You can indeed look at decreasing the term of the mortgage so you clear it over a quicker timescale - a lender cannot dictate the term to you, as long as it is above their minimum (normally 5 years).

You could however go onto a scheme, either with Abbey or another lender, that does not have any early repayment charges - then you can pay in as much as you want.