We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Repaying additional borrowing mortgage
doraspenlow
Posts: 68 Forumite
Hello. We took a small additional mortgage for a home improvement project. If we decided not to go ahead with that project, is there a clever way of repaying the mortgage without incurring the ERC? The second mortgage is a slightly higher rate than our main mortgage. Both locked in for (just under) 5 years.
0
Comments
-
Depending on when you took the additional mortgage , you may find that you can just put the money in a fixed term savings account and earn more interest than you are paying on the mortgage...
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards