Quick Mortgage Q

richpoortyke

If i take out a mortgage for 20 years. Looking to initially have a 5 year fixed rate from next year. I would then remortgage in 2027,2032 and finally in 2037 (assuming i go with 5 year fixed rates each time)
Question is when i get to the final 5 years and remortgage for the final time, if i know i am going to be able to pay it off much sooner do i still have to see out the full 20 years i agreed in the first place meaning i have to pay an early exit fee or can i just decide in 2037 i want a 2 year mortgage to pay the remainder left
Any help much appreciated

csgohan4

ERC is usually linked to the fixed deal, so a 5 year fixed deal before SVR you would pay a hefty penalty, after that there is usually no ERC.

However there maybe  small mortgage exit fees when you pay the mortgage off completely, which you pay when ever you remortgage to another lender

Thrugelmir

Fixed rate deals don't always last for exactly 60 months or whatever the term is. Products being issued with a finite end date over a window of time.