I know a couple who inherited some money and wanted to pay a fair sum of extra money off their home loan. The bank has set a maximum amount they can pay in advance per year. If they pay extra above that they are actually penalised. I also know a family who had their own business and asked if they could pay extra in advance, then if their customers were late paying their accounts the months repayment could be taken out of the amount they had paid in advance. They were told no so they didn’t pay in advance. Being a family of 7 they had to take that into consideration too.
Published 20th June 2019