do i pay the fee

richierich007

hi all been a while since ive been here so here goes

i`m coming into some cash soon, and i wish to pay the mortgage off, so start off ive had the mortgage 28 years, originally 25, then because of none payments i had to take a remortgage out after the original 25 was up, anyway moving forward my my fixed rate is coming to a end in july, and the windfall is in mid april, i have used up my overpayment allowance already (10%), now i know the bank will ask for the 3.5% early exit charge, yet if i pay the monthly payments until july they will gain no extra cash, it will work out loads cheaper for me to pay the fixed rate upfront to july and allow me out early, as this mortgage is now over 28 years and made a LOT of cash out of me in the high interest days, will they wave my early exit fee or will they be trying to keep there claws on my home

any help would be great, thank you

beanielou

Doubt they will waive the early repayment fee.
I would continue to pay as usual til July & then pay off balance when your fix ends.

Retter

I very much doubt any bank will waive a fee they are due. It might be worth a call though, my fix runs until 03/27 but my terms say that the ERC expires on 31/12/26, so a couple of months before the end of the mortgage. Every penny you can save yourself/keep from the bank is a bonus.