What is a typical penalty charge that you would recieve if you repaid your mortgage early?

It was taken out in march 2007 0n a fixed term of 5 years i think (its not for me so am a bit sketchy on details).It was also a remortgage for 拢70,000.





Thanks for all answersWhat is a typical penalty charge that you would recieve if you repaid your mortgage early?
Sounds like you're in the UK based on the denominations you speak of. Here in the States the typical penalty is 0%. Very few institutions charge any kind of penalty for early payment of a mortgage. What is a typical penalty charge that you would recieve if you repaid your mortgage early?
Unfortunately prepayment penalties are a lot more common than most people realize. A lot of people have them, but never realize it. The terms of the prepayment penalty can vary greatly. Some lenders will charge 1-3% of the loan balance at the time of the payoff. Some will charge 6 months of interest. It all depends on your loan program and how it was structured. You'll want to pull out that big packet of information that you received at closing and grab your mortgage NOTE. It will say ';mortgage'; or ';note'; at the top and will contain a section that refers to whether or not you will be subject to a prepayment penalty.

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