Getting a Fair Deal On a Mortgage

6. Are there any redemption penalties?

  • What will I have to pay if I want to switch to a mortgage offering a better deal?
    • (If you are given a formula) What will the actual cost be?
  • What will I have to pay if I want to switch to a mortgage offering a better deal?

You may wish to pay off the loan early, for example if another lender is offering a better deal. Ask whether there are any penalties, how long they apply for (for example how many years once a low start up rate of interest ends) and what the actual cost would be for you (don’t accept a formula). Ask the lender whether it will let you switch to one of its other deals without penalty, once your initial special deal period ends.

1 2 3 4 5 6 7 8 9 10 11

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>