Avoiding mortgage exit fees?
We are redeeming our mortgage with Leeds building society at the end of a 5 year fixed rate term. On the redemption statement is a £199 exit fee. When I queried what this is I was told it's because we are leaving before the end of the 30 year term of the mortgage.
Whilst I suspect this is somewhere in the original small print, I did wonder if we pay off the total minus £1 whether we can avoid the £199 fee. The interest on £1 over the next 25 years would be negligible even on their standard variable rate (and it would cost the Leeds more in anon and sending out statements etc. than we'd pay in interest! ). Has anyone else tried this?
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