Mortgage IQ is a trading name of IQ Financial LLP. IQ Financial LLP is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Services Authority. Openwork Limited offer investment and insurance advice on products from a limited number of product providers and advice on mortgages representative of the whole market.

First, find out the details of the deal you have at the moment.

You may be currently paying your lender's standard variable rate (SVR), which is never likely to be the best deal on offer.

Questions you should ask are:

• How much is outstanding
• Is there a redemption penalty if I repay
• If so, how much, and how long does this apply for
• What is remaining term
• Is it repayment mortgage or interest only or both

Check if there is any redemption charge to pay and if so, does this expire at a certain date in future.

Even if there is a redemption penalty it may still be worthwhile paying it if the saving in monthly costs is greater than penalty.

Mortgage IQ will be able to advise you on this.

Your home may be repossessed if you do not keep up repayments on your mortgage