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Mortgage early repayment v savings
Savmort
Posts: 1 Newbie
I have a mortgage of £80k with 10.5 years to go, fixed rate 2.99per cent tillJuly 2016. I am about to inherit £65k in a couple of months. I want to put it towards mortgage but will incur fee of £1700 for any overpayment above 10per cent. Is it worth paying fee and reducing mortgage or trying to invest and just pay off 10per cent each year until fee ends in 2 years time?
0
Comments
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Pay off the maximum allowed every year without incurring a fee.0
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Yep pay off your maximum amount each year and keep the rest in the bank. Then when you're out of your fix you can pay off a lump sum if you wish to do so.0
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How much to shorten the term?0
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