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What is the difference between a closed mortgage and an open mortgage?

Open and closed mortgages

Open mortgages allow you to prepay any amount of your mortgage at any time without a compensation charge.

Closed mortgages have a prepayment limit, which means you are only permitted to pay 15% of the original principal balance of the mortgage per calendar year. If you elect to pay more than 15% within a single calendar year, compensation charges will apply.

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