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Cost of coming out of fixed deal?
foreversummer
Posts: 837 Forumite
Hi
I was just looking at the Woolwich website at their fixed rate mortgages and am trying to understand the penalty if you end a fixed rate deal early.
It says "3% of the balance repaid until 31/07/2013". This is on their 5-year fixed.
May be a bit of a dum dum question but what does that actually mean? I've always assumed that you pay a percentage of the whole outstanding amount of your loan. But this seems to be suggesting that you only pay 3% of the amount that would have been repaid by the end of the fixed rate period.
Can anyone please clarify.
Foreversummer
I was just looking at the Woolwich website at their fixed rate mortgages and am trying to understand the penalty if you end a fixed rate deal early.
It says "3% of the balance repaid until 31/07/2013". This is on their 5-year fixed.
May be a bit of a dum dum question but what does that actually mean? I've always assumed that you pay a percentage of the whole outstanding amount of your loan. But this seems to be suggesting that you only pay 3% of the amount that would have been repaid by the end of the fixed rate period.
Can anyone please clarify.
Foreversummer
0
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