Early Repayment
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'Overpayment' is when a mortgage is repaid earlier than the end of the previously agreed term. With different policies overpayment has different consequences; some policies, such as flexible mortgages, are very amenable to this, whereas others may enforce a penalty or charge, especially with tie in periods for fixed rate or discount rate products. This can be as much as six months interest so read the small print carefully for any early mortgage repayment charges that will apply.
Mortgage lenders are becoming more flexible, even with mortgage products that tie you to a lender for a set period of time; many will now allow you to pay a 5% lump sum off your mortgage each year without incurring any penalties.
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