The procedure to follow to repay a loan early is as follows: initially you need to make sure that the amount needed to repay the loan is available in your current account in the currency in which you took out the loan. You then need to go to the bank to fill in an early repayment request.

Full early repayment of the loan will be made on the loan balance and interest calculated at the date of repayment.

If you wish to make a partial early repayment of the loan, you can opt to reduce the loan period or lower the rate.

For variable-rate loans, BT does not charge an early repayment fee, and for fixed-rate loans the fee is 0.5% or 1% depending on the period between the repayment date and the last due date.

If you have pledged a property as collateral for the prepaid loan, after the loan is repaid in full, you will have to ask for the mortgage in favour of the bank to be cancelled.