When arranging a mortgage, you can decide how long you want to repay your home loan for. Most mortgages have a repayment period of between 20 and 30 years. Throughout this time, you pay off the mortgage you have been granted in regular monthly instalments. The amount of the mortgage does not change for the duration of the chosen mortgage term. A certain part of your monthly payment always goes towards repaying the principal (note the amount you borrowed from the bank) and a part towards paying the interest.
When do people approach mortgage redemption?
Mortgage redemption is the full or partial repayment of the principal amount of the debt. People most often decide to do this when they have more money available and want to use it to pay off their mortgage. For example, they may receive money from an inheritance or monetise another property they own.

The best time to redeem your mortgage
Although it is legally possible to repay part or all of the mortgage at any time, it is best to wait until the end of the agreed fixation period. At this point, the entire amount owed can be repaid in one lump sum without any charges. If you do not have sufficient funds to redeem the entire mortgage, you can repay up to a quarter of the total loan amount each year, without penalty, one month before the anniversary date of the mortgage agreement.