Mortgage paid off ten hours early? That’ll be £1,400

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My mother took out a three-year buy-to-let mortgage with NatWest for more than £300,000, using her London rental flat as security. This allowed her to buy a small flat near my house to spend time with her grandchildren.

The rate was fixed for two years and would revert to the standard variable rate for year three of the mortgage. During the two-year fixed period, my mother amassed £250,000 from savings and by selling investments to pay down the mortgage. This would dramatically reduce her final year mortgage. She planned to do this after the early repayment charge had expired.

She discussed this several times with her NatWest Premier Banking manager and it was arranged that she would pay the £250,000 on November 30, when the