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- Early Settlement - |
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A loan is usually taken out for a certain number of years and the lender expects a steady supply of monthly repayments. However, the borrower can often settle the debt early and save interest on the outstanding balance. Some contracts stipulate that no early settlements are allowed, others allow it after a certain amount of time has elapsed, and many will impose early repayment charges should you decide to settle early. Certain loans are designed to be flexible enough to allow settlement at any time without fees, but normally charge more interest for the convenience. Borrowers need to give notice and get a settlement figure from the lender.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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