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Lender offering discount if you offer to pay off?
izawa
Posts: 162 Forumite
Is there a possibility that my lender will offer me a 5-10% discount on outstanding mortgage if I offer to pay in full?
I am on a offset mortgage currently and full offset hence not paying any interest.
I am on a offset mortgage currently and full offset hence not paying any interest.
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Comments
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Unlikely. But if you do pay it all off then you'll save yourself lots of interest.
as I understand it car loans have the option to pay off and "get a discount" but that's just because the total that needs to be paid over, say, 5 years is much less if paid in 2 simply down to the interest that doesn't get charged.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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⭐️🏅😇🏅🏅🏅0 -
No.
there might be an early repayment charge if you are on a deal.0 -
Thank you, right now I am fully offset to barely paying any interest. Has any lender done like this?I am relationship expert. Don't feel shy, say hello.0
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Why would they? I can't see what's in it for them.3
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I did have an offset where their savings were paying me more than the mortgage but that was when mortgage rates dropped in 2008 and some people found themselves very lucky on BoE trackers, but no they won’t pay you for ending the mortgage early, obviously you’ll save all future interest from that point on.1
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