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Mortgage Redemption Penalties


Sometimes people want to pay off some or all of their mortgage early, for example if they are remortgaging to get a better deal.

But if you want to repay your mortgage in full or in part during a tie-in period you will almost certainly have to pay redemption penalties to the lender.

The size of the penalty will vary from mortgage to mortgage and from lender to lender.

Redemption penalties will be detailed in any mortgage quotation you receive, and you should make sure you are fully aware of them before deciding on a particular mortgage deal.

If you need any further information on mortgage redemption penalties or mortgage tie-in periods, please contact a mortgage expert.

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