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Early payment of mortgage

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 ?

Comments

  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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 swimming
  • I'm a little confused by the above as the interest would be charged in the monthly payments and therefore would be removed? 
    That’s what I thought but had a letter from them saying not !
  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I mean by you not making payments after the capital is paid you won't be paying interest 
    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 swimming
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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. 
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