Mortgage - earlier repayment

CiniO

Is earlier repayment of mortgage an option on every mortgage as standard, or does it need to be included in term and conditions, as otherwise repaying early is not possible.

f.e. let's say I'll get a mortgage for X amount for 20 years, repaying Y amount every month.
Can I repay more than Y every month if I wish?
F.e. in January 2x Y. In February 1.5x Y. In March 3x Y. In April just Y. and so on?
Also is this possible to repay it all in lump sum after a while?
F.e. if after 3 years I still owe 85% of X, can I just come up with lump sum, repay it all, and forget about mortgage I had? Is that always possible or are there any extra costs associated with doing that?

Trish56

Once you have a variable rate mortgage you can clear in full or pay off lump sum payments whenever you like. You need to check with your lender if you can increase your monthly repayments every month as all lenders differ. Most people save up a lump sum of say 2k and then pay off to reduce the term or repayment.
Trish56

CiniO wrote: »

Is earlier repayment of mortgage an option on every mortgage as standard, or does it need to be included in term and conditions, as otherwise repaying early is not possible.

f.e. let's say I'll get a mortgage for X amount for 20 years, repaying Y amount every month.
Can I repay more than Y every month if I wish?
F.e. in January 2x Y. In February 1.5x Y. In March 3x Y. In April just Y. and so on?
Also is this possible to repay it all in lump sum after a while?
F.e. if after 3 years I still owe 85% of X, can I just come up with lump sum, repay it all, and forget about mortgage I had? Is that always possible or are there any extra costs associated with doing that?

yammagamma

re paying off
some lenders even let you pay off a small amount extra every month even if your on a fixed rate mortgage i know boi do or did as the flyer came in the post about there mortgages and this surprised me