We are thinking of downsizing. If all works out we may have enough to pay off mortgage and pick up something smaller. Will we be charged extra if we try to pay off the mortgage in a lump sum?
I presume it would depend on if ye are on a fixed or variable mortgage, there possible would be a charge if ye were to break out of a fixed rate mortgage. I'm open to correction on this. Best thing to do is just ring the bank and ask them.
If you're on a fixed, and are offering to clear a very large amount of debt, try negotiate the break amount down. The bank will be delighted to be repaid, but every penny you can save for yourself counts as well!