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Mortgage Early redemption fees

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newbee | 12:54 Wed 01st Apr 2009 | Personal Finance
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I have 2 years left on a fixed rate mortgage. Can a pay off most of the mortgage (leaving say �500) to pay off over the 2 years, and avoid the early redemption fee?
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You need to check your agreement. Some lenders will allow increased repayments or lump sum reductions, but not all.
My mortgage company only allows me to repay 10% of the capital each year without penalty. Any repayments over that are subject to a fee (I think it's 2% of the amount repaid).

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Mortgage Early redemption fees

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