Penalty for closing mortgage account early?

B

Bean deas

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We hope to sell our house soon (exchanging contracts at the end of the month). Initially when we put our house on the markek we thought that we would be buying another house and therefore extending our mortgage. We discussed this with our mortgage lender and they were happy to extend our mortgage. Now, however, we've decided to rent for a few months and see what happens to property prices. Will we incur any penalties by paying off our mortgage early? We're on a tracker rate.
Any advice or information will be appreciated.
 
Re: Penaly for closing mortgage account early?

The Consumer Credit Act precludes lenders from charging fees/penalties for the early redemption of owner occupier variable/tracker rate mortgages.
 
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