 morgage early redemption fees...
I am unsure if this belongs in another forum, so mods/admins if it does, please move it and advise me as such. Thanks.
I am aware that some people get mortgages in order to fund a business or clear debts, and then pay it off in payments. Some of those then get into the situation where they have the money to pay all of the mortgage off but get charged a percentage for an early redemption fee.
After speaking to an IFA about this, we agreed that a suggestion would be that the person opens up another bank account, deposits all the money into it and changes it so that that bank account has one direct debit to clear the mortgage, you may even be able to get a higher rate of interest as only one payment is going out. That way;
a) You don't pay any early redemption fees.
b) You make interest.
c) If you need some of the other money, and change your mind about clearing the mortgage off in one shot, you can.
If anybody has any constructive criticism about this, I would be happy to hear about it. | 
