how much of my mortgage to pay off??

jr_xyz

:money: hi guys

i recently(2 months ago) took out a 10 yr mortgage and soon will have enough to pay it all off. however, the terms state if i pay it all off within my 1st yr i will have to pay a £1,000 fee. the mortgage was for 30k :money: and i'm wondering what the maximum amount is i should pay off so i can still continue my mortgage but accrue the minimal amount of interest. the mortage is with bristol & west. :money:

thanks

:money:

soappie

I wonder what would happen if you paid it all off except £10 - or even 1p? The mortgage would still be current but minimal interest would accrue

jr_xyz

yeah thats what i was wondering too

riad_2

If it's a flexible mortgage (where you can overpay as much as you want), definately do that idea... i.e. change your mortgage to interest only, then overpay the amount of £29900 (leaving only £100 left on the mortgage)... then just pay the small remainder once you're outside of the penalty tie-in period!