Exiting a mortgage early

[Artsy]

Hi All,

A quick legal/contract question that some may be able to assist with.

Is it possible in any way to exit a mortgage before the fixed term ends without having to pay a penalty?

I won't go into too much detail but I have a mortgage ending in 2023 (5 year fixed) and I would be much better off exiting and getting a new one but due to the penalty find myself reluctant to do so.

I know I'm probably clutching at straws here but no harm in asking I guess.

Thanks in advance for any replies.

[Artsy]

Thanks All,

As I said, I'm not very hopeful but you never know with these things what experiences others have had.

I'm on a sliding scale too but I haven't slid down enough...

My problem is more the fact that by keeping the mortgage going, I'm also restricted to the same lender for any additional mortgage which also means I'm restricted to capital and interest as opposed to interest only which would suit me at this point in time.

Will check all my options and see how it goes

[Artsy]

CarCrazyDad said:

Generally the mortgage termination fee is if you sell and walk away , or leave to another provider.

I believe if you re-mortgage with the same company, you don't have to pay the fee.

In addition some companies will "hold" the fee for a period of 6-12-24-36 months , and return it if you take out another mortgage with them later.

EG if you sell and you have a 5% mortgage fee, let's say 10 grand, then you pay that 10 grand fee . But if a year later you come to take out another mortgage with the same provider they may give you £5000 of that back, or some other percentage.

This is encouraging.

I think I'll give them a call and see what info I can get out of them.