Most lenders charge an early repayment fee, so it’s essential to know what yours would be. You might work out that, despite the charge, clearing your mortgage is still the right option as you would save more money in interest costs. But if your mortgage is coming to an end soon, you may decide that the early exit fee is not worth it.
Following Labour’s landslide election win, much of the nation is waiting to find out what is in store for the UK housing market. Many major policy changes will be announced in the Autumn Budget on 30 October, but Housing Secretary Angela Rayner has already announced the new draft of the National Planning Policy Framework (NPPF), which is now out for consultation until September.