Can I make a lump payment without penalty between mortgage terms?
in Mortgage-free wannabe
3 replies 81 views
We're about to sort out a new mortgage deal for 2 or 5 years, rather than going onto a variable rate when the current deal ends in January. But I can't find an answer to this anywhere - can we make a big ole lump payment between deals without paying a penalty? I realise now that we should really have been overpaying by the allowed % all along, but it's been a busy couple of years and I'm only looking at it properly now. We've built up some decent savings, don't need to spend them on the house in the near future, so feel like we might as well knock a chunk off the mortgage, then continue saving for the new kitchen etc. Off-setting might also be a possibility, but the set-up fees reduce their attractiveness.
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