Accelerated Capital Payment Penalties ?

R

RANDAL

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Hi everybody, 2 years into a 3 year fixed term mortgage with Permanent Tsb and am starting to think about making Accelerated Capital Payments to clear my Mortgage early. Anybody aware of any penalties the bank may make Me pay ?

:confused:
 
You'd have to ask them. They may not allow it at all, given that (presumably) you're enjoying a lower interest rate than would currently be available to you.
 
Do ask them, but I suspect Dr. M is correct - they may not allow any early repayments while in a fixed rate.

Why don't you save up the extra cash for a year (see the Best Buys list here on Askaboutmoney for tips on where to save) and then throw the lump sum off your mortgage once your fixed rate has ended?
 
Thanks Guys,Just one more Question, once my Fixed rate period is over and say maybe i move to a variable for example would i then pay any penalties?
 
Yes LD it is, its just that ive heard so many different stories regarding the above and the consensus seems to be that banks will try and do anything to discourage you from taking up this option.

:confused:
 
Unless there's some specific clause in the terms and conditions, I can't see how they could prevent you doing this, once you're out of your fixed term agreement.
 
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