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Mortgage Term Change Advice
PRDMKT
Posts: 87 Forumite
Hi All!
I am currently looking at reducing the term on a small mortgage balance. The query I have pertains to the early-repayment fee.
If I was to overpay 10%+ then I would be subject to this fee.
However, if I was to reduce my term totalling an increase in repayments greater than this 10% would I also be liable for the early-repayment fee? I am keen to do this, however, I can't see much information regarding this.
Thanks in advance!
I am currently looking at reducing the term on a small mortgage balance. The query I have pertains to the early-repayment fee.
If I was to overpay 10%+ then I would be subject to this fee.
However, if I was to reduce my term totalling an increase in repayments greater than this 10% would I also be liable for the early-repayment fee? I am keen to do this, however, I can't see much information regarding this.
Thanks in advance!
0
Comments
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Changing to a shorter term will also trigger the ERC...How long is left on your fix?0
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