Repaying additional borrowing mortgage

doraspenlow Forumite Posts: 64
Third Anniversary 10 Posts Name Dropper
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
    MWT Forumite Posts: 8,884
    1,000 Posts Third Anniversary Name Dropper
    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...
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