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Paying off my mortgage
greggy495
Posts: 5 Forumite
Hello all,
I owe at the moment about £20 k on my mortgage.
Very soon I will be inheriting about £35k and I am thinking of paying it off.
The question is, do you get a discount for paying it off early like you do with a loan.
Kind regards colin.
I owe at the moment about £20 k on my mortgage.
Very soon I will be inheriting about £35k and I am thinking of paying it off.
The question is, do you get a discount for paying it off early like you do with a loan.
Kind regards colin.
0
Comments
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Yes you save a bundle on the interest you won't be paying.0
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Thanks Jim.��0
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Are you in a fixed rate as if so, you may be liable to pay a redemption fee to pay your mortgage off early. It would be best to call your lender to request a redemption statement which will tell you how much it will cost to clear your mortgage.0
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It’s a repayment mortgage.0
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Repayment but is your interest variable (SVR) or fixed?
As others have said you will save the interest that hasn’t yet been applied yet.0
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