We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Early Repayment Fees In Variable Rate Mortgage

Options
I am very shortly due to begin my first step on the way to becoming Mortgage Free.

I have looked into Making an Additional Payments under the 10% Penalty Free which is fine

But it might be that i could wait until next October, when my Fixed Rate Term Ends and I would like to have an idea what the banks usually offer in terms of Early Payment Fees when not on a Fixed Rate Plan, is is usually a similar fee anyway, less or more?

Another option would be for me at the time to remortgage to borrow less, but again i'm not sure if i can do this without paying an Early Repayment fee.

If the Early Repayment Fees are indeed based on a percentage, making overpayments now in readiness for Oct 2019 would that mean it would reduce the fee i would pay if i choose to do that and see it as the best option from an informed decision.

I am with the Halifax
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.