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Early payment of mortgage
robby14
Posts: 3 Newbie
We bank with the HSBC , I asked them what would I pay if I paid off my mortgage early , my wife is retiring and we can put money in to pay it off , there are no redemption fees, they came back with a figure of what we owe now less the respective monthly payments, no interest taken off, is this right ?
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Comments
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I'm a little confused by the above as the interest would be charged in the monthly payments and therefore would be removed?Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming2
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That’s what I thought but had a letter from them saying not !longway2go said:I'm a little confused by the above as the interest would be charged in the monthly payments and therefore would be removed?0 -
I mean by you not making payments after the capital is paid you won't be paying interestMortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming1
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The redemption figure will be what you owe now (or at least thereabouts). Future interest is an unknown quantity and won't be charged until the time arrives.1
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