01
Use the room in your contract
Your mortgage may allow lump-sum payments or payment increases without a penalty, up to specified limits and on specified dates. Unused room may not carry forward.
02
Request a written payout quote
Breaking a closed mortgage can trigger a penalty. The formula depends on the contract and may involve interest-rate-differential calculations rather than a simple percentage.
03
Compare before switching
Include penalties, discharge costs and any incentive repayment when comparing a new offer. A lower advertised rate does not automatically mean a lower total cost.
Bring to your conversation
- Current mortgage contract
- Written payout quote for your planned date
- New offer and switching costs
General information only. Product availability, eligibility and conditions vary by lender and application.