Are you planning to sell your residential property or would you like to switch your existing mortgage to UBS? Find out when it makes sense to repay your mortgage.
Repay your mortgage at the right time
A mortgage without a fixed term (e.g., a variable mortgage) can be terminated and repaid at any time, subject to the period of notice (as a rule, this is three months).
Mortgages with a fixed term (e.g., fixed-rate or even Libor mortgages) can be repaid at the end of the contractual term.
In general: check the contractual provisions governing termination. In the event of extraordinary notice of termination, you or possibly even the bank may have to compensate the other party – depending on the current level of interest rates.
Repaying fixed mortgages with varying maturities
This can be done. However, since the mortgage notes, which serve the initial lender as collateral, are often not tied to individual mortgage tranches, they must be released to the new lender early on in exchange for a promise to pay.
Alternatively, the registered land charge can be divided up, though you as client will most likely have to bear some extra costs.
Would you like to replace your mortgage?
Make an appointment for a personal consultation. We'll be happy to review whether repaying your mortgage is worth it.