#2
If an early repayment charge is applicable then it will be a percentage of the amount you pay off, so for example if the early repayment charge is 3% and you paid off £10,000, your erc would be £300, and then if you made the same payment in 6 months then again it will be another £300.



Out of curiosity would you mind posting your figures? i.e balance, interest rate, erc, and the amount your paying off?

#4



If an early repayment charge is applicable then it will be a percentage of the amount you pay off, so for example if the early repayment charge is 3% and you paid off £10,000, your erc would be £300, and then if you made the same payment in 6 months then again it will be another £300.



Out of curiosity would you mind posting your figures? i.e balance, interest rate, erc, and the amount your paying off?
Originally posted by glosoli


Mortgage £98,000

Interest 3.39% with just over 2 years to go on my 5 yr deal

17 years left on my mortgage term

Currently paying £635 ish per month

ERC is 3% now and 2% after 31st March

I have £40000 lump sum



I thought I would pay the maximum allowed this year now which is £9800 and the rest after 31st March.



The reason for the lump sum is from my pension as I took early retirement because of ill health. I need to reduce my monthly outgoings and also not have too much in savings as I may need to claim benefits. My annual income is being reduced by around £4000 per year.

Who is online

Users browsing this forum: No registered users and 1 guest

cron