Paying off a mortgage with inheritance

hucklev

Hi.  I hope this makes sense!

I'm due some inheritance which I'm going to use to pay off the mortgage (this is not the bit up for debate, it's going had enough).  My question is - should I pay it off just as my current deal ends? Does this stop early repayment fees etc? 

Thank you.

GrumpyDil

Yes, once you are out of any deal period any related early repayment fees end. 

kimwp

You might find that there's a small period, within, but at the end of your fixed period where early repayment charges don't apply - check your documents and ask your provider.

la531983

Of course, you need to work out if its going to be better off to pay it off instantly as the interest saved may be more than the ERCs if you waited.

Hoenir

Depends on your mortgage interest rate , the ERC etc. 

AgathaSquirrel

Depends on size of mortgage etc. I think my early repayment was about £300 so worth it to pay it off.