Repaying additional borrowing mortgage

doraspenlow

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. 

MWT

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...