The most important point in every initial closing debt is thatif you have compulsory insurance (personal or property), carefully review the loan agreement and insurance contract to recalculate the amount of the next insurance premium.
Provisions At the time of writing, almost all banks reviewed by the author have acceptable conditions for early repayment of newly issued loans. None of them found any penalties or commissionsthere were no “financial violations” of the borrowers. Bank for all loans to individuals (both for simple needs and for mortgages) allows this procedure, although fully, at least in part, in any amount.
The only condition that is declared is to send a notification statement indicating the date and account number from which the payment will be made. The only mandatory requirement is that the operating date must be a working day. So everything is logical and in accordance with the law. With the Search Mortgage Solutions London you can find the right solutions now.
There are Similar conditions and mortgages
All you need to do is fill out an application at the bank office one day before payment is not an impractical requirement. Full early repayment is possible every day after the date of such statement (i.e. if you are unsuccessfulno problemyou have time before removing the credit burden).
- With partial cancellations, everything is somewhat more difficult, it is possible to pay ahead of schedule only on the next payment date on the schedule (which is generally not against the current law). But the minimum amount is limited by individual contract terms either to reduce the term of the contract, or to reduce the amount of the next monthly payment.
- In any case, the bank will recalculate your payment schedule. At the online site, the procedure (at least complete, at least in part) is simpler and simpler: You don’t need to write any statementsthere is extra money to pay off debtyou put it in your account for cancellationon the same day the bank deletes “extra” money in debt payment account. Some banks allow the initial cancellation of part or all of all loans issued under similar conditions.
To really cover a debt, you don’t need to write any statementenough to clarify the remaining amount over the telephone and deposit the required amount of funds into the account (by the way, this can be done without visiting the bank’s officethrough an ATM). For partial payments, you must write the application in advance and deposit additional funds into the credit cancellation account on the date specified by the next payment schedule. Is it profitable to do it from the borrower’s point of viewmy personal opinionof course, yes. In the current state of economic instability, the sooner you get rid of debt, the better.
Is it profitable for the bank?
At the time of this writingyesbanks are experiencing liquidity shortages, therefore, they need additional cash flow. The only thing when a borrower can “look suspicious” is when you, for example, have issued a loan to buy goods in a store for 10 months, and a month later they pay. Such “a la borrowers” banks “don’t really like” and can add “unwanted customers” to the listthat is, at this bank they can refuse to issue new loans.