Do you wish to pay off your mortgage earlier than the contract provisions? Perhaps the interest rates have decreased drastically, and you want to leverage this by paying off the existing mortgage and getting a new one to save yourself from inflation. It could also be that you want to sell your property and move to a bigger one. Or, you have recently separated from your spouse, and wish to get separate mortgages.
These are valid and sometimes unavoidable reasons to break a mortgage. But what are the consequences? Read on to understand the benefits, costs and penalty for breaking a mortgage.