Have you taken out a loan with the intention of repaying it over a period of time, but you have available funds and would like to repay the loan? Ask your lender to repay the loan early. As a customer, you are entitled to repay the loan in full or in part at any time by making an extra payment to reduce or offset the outstanding amount of the loan. However, you should inform your lender in advance so that it can calculate the balance for you.
How to pay off a mortgage early?
If you have the funds available, why not pay the obligation? But many people fear this move, with early repayment charges to blame. While in most cases it’s not a staggering amount, on the other hand, every penny counts.

When is early repayment free?
The most important thing is the right timing. Pay off your mortgage so you don’t have to worry about early repayment penalties:
- At the end of the fixation, when the bank guarantees you the same interest rate.
- Within 3 months after the provider has told you the new interest rate.
- With an adjustable rate mortgage, you can do this at any time.
- When you find yourself in a difficult life situation that makes repayment impossible.
What about early repayment of a consumer loan?
Even in the case of a consumer loan, the client has the right to partially or fully repay the loan at any time during the term of the loan, the terms of which are set out in the Consumer Credit Act. It defines both the conditions for early repayment of the loan without reimbursement of early repayment costs and the amount of such costs in other cases.