Mortgage Advice

[gina1960uk]

I want to pay more off my mortgage payments than I need to pay, will this effect me in anyway, I  just want to try and get as much paid off as possible........Will I get penalised in anyway for doing this?

ALSO

If I wanted to clear my mortgage completely would I have to pay an addition sum of money on top to compensate for the agreement of supposedly paying my mortgage over 25 or 15 years.

ANY ADVICE ON THESE MATTERS WOULD BE MUCH APPRECIATED.....Thanks you.

[eash]

i'm not good at mortgage advice but i good site i found is www.spf.co.uk

[Oneeyedvic]

Do you already have a mortgage or are you looking for a new one?

I know my mortgage company will let me pay of up to 10% per year higher amounts on my fixed rate mortgage.

If you are looking at paying it off early then you need a company with no redemption penalty. These are generally higher start up costs.

 

You wouldn't need to compensate them unless you are in the middle of a mortgage. Most mortgage deals all though over 25 years are normally in a fixed period for 2-5 years. After that you can change mortgage providers easily and cheaply or pay mortgage off.

 

I would go to an independent mortgage broker for advice. Let them know exactly what you want to achieve.

[scorpio61]

Hi

There are specific mortgages which allow you to work like this. I know the Halifax has one and I believe there is a company called "Austrailia Mortgages" or something like that. This is not a recommendation, mearly passing on what I've heard.

Good luck