The early redemption fee was invented, and this might be very familiar to you from the field of credit card debt.
Early redemption fee is the sum you have to pay in case you decide you want to get rid of your loan before its maturity. So, it is advisable that you avoid to shop for a second mortgage plan which has included the early redemption fee; don’t let yourself be surrounded by such strict rules, because you never know how in the future you will have access to other incomes and you would wish to totally erase your existing debt. The fewer the restrictions regarding your loan schedule, the greater the flexibility you can afford.
Make a bit of financial planning on your own, and start calculating fees, monthly balances and most importantly interest rates in order to be able to see whether such a deal is at all convenient to you. Never settle for the very first option you meet; make a thorough research of the market and weigh more possible options. Don’t forget that you already have a debt secured against your home, so act responsibly when it comes to securing yet another debt to it. Keep in mind that when you apply for a second mortgage it is supposed you really need it badly so you will accept anything, but you know this and so you won’t accept just anything.