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What
if I want to pay back my mortgage early? |
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| The term used
to refer to the practice of repaying your mortgage in full, before the term that
was originally agreed has expired, is ‘overpayment’. Every mortgage
lender will have a different attitude to overpayment and you should check with
your lender or UK mortgage broker during the application stage. It will depend
on what sort of mortgage you have chosen as to what will happen should you decide
to repay your mortgage earlier than expected – again your mortgage broker
or lender can clear this up for you. Some products, such as flexible mortgages,
will make overpayment easier than other types of mortgages with which you will
usually incur some sort of ‘fine’ or penalty. |
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