Mortgage full repayment

[dankam]

Hi I've got a question about my mortgage.

 

Last week I have paid off £12.000 for my mortgage but I still have £128,068.58 left to pay.

 

Next month I want to pay £10.000 extra do I will need to pay ERC? (early repayment charge).

 

If yes could you explain me how it's work and how much of that £10.000 will go to pay off my outstanding mortgage balance (£128,068.58)

 

THANK YOU

[SamR]

Hi I've got a question about my mortgage. Last week I have paid off £12.000 for my mortgage but I still have £128,068.58 left to pay. Next month I want to pay £10.000 extra do I will need to pay ERC? (early repayment charge). If yes could you explain me how it's work and how much of that £10.000 will go to pay off my outstanding mortgage balance (£128,068.58)

 

THANK YOU

 

 

 

 

On the majority of mortgages there is an ERC if normally 10% of the oustanding balance a year, however if you are on the Standard Variable Rate (SVR) there are normally no restrictions. What lender are you with? Are you in a fixed rate or on the SVR?

Sam

[SamR]

Sorry that makes no sense, normal 10% of the outstanding balance of over payments is normally the max unless you are on the SVR where non should apple

[dankam]

My mortgage is on fixed rate

 

I want just to pay extra £10,000 to reduce my outstanding balance but I just pay off my 10%

 

If any body know how much I will need pay ERC?

[Let Them Knock]

Ring your lender and ask them. That's what I did.