I recently went through Ill Health Retirement and was given a lump sum which I used to pay off my mortgage, nothing surprising there. However, the week before I received the money, I was having an unrelated issue with my account so I went to the bank to resolve it. Whilst there I just mentioned my Parkinsons diagnosis, and the lady that was serving me said she would put the illness on my account info. Two days later I received my funds and rang the Settlement line who immediately noticed the Parkinsons note and passed my information on to the special circumstances team. A week later I received my a return call telling me that the interest had been waived, saving me about ÂŁ2000. So it was well worth mentioning my illness!
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Hello @Geordieparr that sounds good , but it depends on how long you have left on the mortgage, how long the term is and any payment penalties you may have or underpayments ,
depending on bank / building society , you can normally pay on a fixed mortgage upto 5 %per year capital repayment without penalty. As in ÂŁ 50,000 would be ÂŁ 2500.00 without penalty.
Once you have a fixed settlement plan , which normally last 30 days as in you can pay back the same amount on day 1 or 30 , obviously after 30 days you have normally made another payment . Which would normally make your mortgage/ loan settlement lower.
Take care before you pay a mortgage or loan off. Check for any penalties. Do some homework. .. be savvy Remember you can pay a loan or mortgage off at any time. , you can also make capital repayments , this is normally £500.00 each which will either lower your payment by. X £ per month depending on interest rate or the term as in 1 or 2 months. Which may be more affordable and gives you some space to think. Do your maths… Or get advice .
It is possible that the £ 2000.00 is something you should not have paid in the first place… And the bank made it look better for them.. as in. Look what we’re doing for you !
It may not be anything to do with your condition…
Just thinking about how much interest you have paid over the years. !
The mortgage was halfway through on a fixed rate with two years to go. They also confirmed it was specifically to do with Parkinsons
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Hello @Geordieparr, thank you so much for sharing this with us.
That’s a really good point and we totally agree with you, sometimes it does pay to mention. We’re really pleased to hear that interaction saved you around £2,000, that’s great news and hopefully this may well help someone else in our lovely forum.
We really appreciate you sharing.
Take care and best wishes 
Parkinson’s UK Moderation Team
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That’s exactly why I shared the info
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Hello @Geordieparr everyone has different money situations I was just trying to help folks who did not know you can pay off a loan or mortgage early .
.UK law, the right to pay off a personal loan early is set out in Section 94 of the Consumer Credit Act 1974.
Hopefully we’re both helping others , finance is a very deep subject. And some people are not able to pay off loans or mortgage.
Some people … Don’t even have enough money to feed themselves let alone pay off debt .
So sometimes it’s best not to share , not everyone gets a good pay out .
IF you need money help check out the Parkinson’s website. Or your local citizen advice office.
Don’t forget your council tax discount…
Hello @Polomint @Polomint @Geordieparr @Jandc thanks for this, can you please share your 2 grand around … I have this condition, my wife can’t work as she looks after me and 3 kids , she gets a C.A , I can’t work ,I get the lowest PIP , ESA , I live in a council house.
At the end of the month after the electric and gas bill I may have 50 quid left .
Christmas is coming… What fun
We need a new car a our Vauxhall is knackered … Just about afford the petrol after running the kids to school.
I owe 9 grand to the bank , I guess it’s now 7 and I owe a grand to credit card..
“Nothing surprising here” ! What comment… Not a thought at all for others that aren’t that lucky.
Surly you could have posted it in a different way without figures… It’s like poking me in the eye with a stick.. rubbing my nose in it … Thanks
I would love to go back to work… But not as lucky… As you…paid retirement..
Question. Did you pay your mortgage off to get other benefits or care , you know keep your savings under 16,500.00 quid. Otherwise your self funding.. ? No suprise here ! !
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Sorry for trying to help
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It was only through being lucky enough to to have a good line manager, Union rep, occ health and my consultant all supporting my ill health retirement request, otherwise I don’t know how I would have paid the mortgage off.
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Well how do you think those who aren’t so fortunate as you have been are feeling reading it .
I think it’s a case of thinking before you write ,as in don’t tell the story of how you paid off your mortgage and then got a windfall.
You could just have said… Tell your banks or building society, council, Priority service Register on electric and gas , phone company . it might be beneficial.
Check Turn2us . To see what benefits you might get .
You probably had critical illness cover.
Lucky… Not really. You have a condition with no cure …
And your employer is thinking.. you may be a liability in future years.. let him go .
Everyone has a different story … Perhaps the bigger question is how do they stop this kind of good fortune being a flook and make the process such that you don’t have to rely on luck anymore. Then more would benefit.
Hello @Quarkee Banks don’t Just give money away. Flook. ! … No the fact is if you over pay for a bank service of some kind as in resent news .- car loans - PPI. , hidden charges .. the bank will not tell you HO by the way. We owe you money.. thay will keep it .
2 Examples of which I have sorted out .
TV licence was free when you got to 75 , a family member was 82 had a direct debit for payment… Did the TV licencing tell her AT anytime to stop paying. NO .. they knew her age. they continued to take payment = refund of over £700 .
She also had a package bank account, she was paying ÂŁ7.50 a month for 20 years. , the benefits were. Phone insurance, travel insurance, AA cover , golf club cover ! .
Now she could not drive , had a £20 phone never went on holiday or played golf . Was bed bound for 5 years…
After I made enquiries lots of paper work a refund of over ÂŁ2000.00 .
The banks or TV licencing never asked if the services were still appropriate or checked age thay were just happily taking the money..
As we’re 5 monthly subscriptions to different charities, not one of them did a yearly check.. just kept helping them selves to the money .
The easiest way to get out of a subscription , something Like Sky TV or a phone line is to say your in a care home… Ends With no penalties ..