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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.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.