Am considering selling my flat which I have had under a year and have 3 year fixed rate interest only mortgage (August will be one year). In the Deed it says 3% - 36 payments. 2% - 24 payments. 1% - 12 payments. I know it sounds stupid but how do I work out what the amount would be (exact buttons on calculator to work it out)?
2007-03-20 23:39:47 · 4 answers · asked by Charlene 6 in Business & Finance ➔ Personal Finance
the amount is a percentage of the original amount you borrowed - so if you borrowed £100000 then year one would be £3000 then year 2 £2000 etc if you are moving check if your product is "portable" then you can take it with you and avoid early repayment charges altogether
2007-03-21 01:19:00 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yep ask your mortgage providor. But it sounds like you should wait until the anniversary is passed as it reduces each year.
Why don't you transfer your mortgage to your new property or rent the flat out?
2007-03-20 23:50:37 · answer #2 · answered by Mark J 5 · 0⤊ 0⤋
If you want an exact figure, then get your mortgage provider to give it to you.
2007-03-20 23:55:32 · answer #3 · answered by caroline b 2 · 0⤊ 0⤋
Ask your mortgage provider , they'l tell you the final figure , and if there's any penalties !!
2007-03-20 23:43:51 · answer #4 · answered by nicemanvery 7 · 0⤊ 0⤋