Mortgage Full Settlement

[tali1]

My mortgage deal finishes at end of the month I want to pay full amount(yes i have sufficient rainy day funds) and clear my mortgage.Do i overpay at 2.44% -and pay a penalty charge? Or pay no penalty charge at svr of 3.99% ?
i phone up Halifax at spoke to a young lad , he said ERC would be £389.87,(i think Halifax have a 10% charge , in line with 10% overpayments per year?) but oddly , he said he couldn't tell me how much i would pay in total at 3.99% .Hence i'm not sure about his figures

[Maydup]

You might phone Halifax again tomorrow and hope you get someone else who can give you a clearer picture. Ask them to email or send you the exact figures.

Its not easy to help you decide without knowing the correct penalty charges.

[Canary42]

Get a written quote from Halifax.

[Old_Geezer]

When I had mortgages overpayments attracted no charge.

[KARL]

Whether it applies to your arrangement I can't tell but one of the deals I had involved a particular penalty if I didn't give a certain amount of notice before paying off the balance (I can't recall how long, some weeks). You might like to ask if something of that nature affects you.

[fiction-factory]

So you have only £3899 left on your mortgage?
If you keep the mortgage and are moved onto the 3.99% SVR how many years would remain? Or are you aslo planning to repay it in one go- in which case it depends on the terms but I think it would probably still be a max of 10%
And is it repayment (doesn't sound like interest only given the small balance)?