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Early mortgage payoff
Winston21
Posts: 4 Newbie
I have £20,000 left to pay on my mortgage. The interest is 1.75% Barclays said i would pay £275 extra for paying it off early. Should I pay it in full ?
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Comments
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When is your fixed term finished?[STRIKE]1/12/16 - £152,599.00 [/STRIKE]
[STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
11/11/18 - £142,074.00
Barclays Car (5.99%)£0/£8,832.370 -
Personally no, you're likely to get better rates elsewhere by saving/investing.
If you want to pay it off when it comes time to remortgage then I'd do it then and avoid the charge but 1.75% is the cheapest borrowing you'll get.0 -
It’s finished now0
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Are you sure that £275 is for repaying early?
If it's the account closure/deeds release fee it applies at any time the mortgage is repaid, including the end of the term.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
That’s what they told me0
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Check your annual mortgage statements.
You can make three different calls to some lenders and come away with three different answers.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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