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We have a fixed rate mortgage from a Swiss bank and for many reasons we would like to opt out of this mortgage before the end of the fixed term. Will we get penalized for doing this or can we terminate it at any time without penalties?
Hi there,
It is possible to terminate a fixed rate mortgage before the end of its term. However, doing this is not financially beneficial in most cases because banks can make you pay the full amount of interest which you would have paid across the full mortgage term when you terminate the contract. Other penalty charges and administrative fees may apply as well.
Best regards from Moneyguru
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