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Early Repayment?
oldgrumpyscot
Posts: 5 Forumite
Our mortgage is with the Halifax and we have 7 years left to go. Currently, we are on a fixed rate 4.5% deal which expires in 2028. There is £78,000 left to pay on the mortgage. Unexpectedly, we are in a position to pay off the £78K but would incur an early repayment fee of £3K if we do that now. However, we would save the £300/month interest over the three remaining years of the current deal so it still sounds like a good option to repay now, unless I'm missing something?
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I don't think so - you're right that that's less than one year of interest so...0
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Or you could put most of the money in Premium Bonds or some high interest account and chuck payments that allowed for free each year. But frankly paying it off and being mortgage free would be really nice. No matter how secure one's life is not having to think about monthly mortgage payments is blissful.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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Being mortgage free is priceless.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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