A and L

jamespmg44

Mudbath wrote: »

Hiya
Think I must have had a YTS (that shows my age!!) when I phoned up...I was told we could only repay 10% of the mortgage value in January with no monthly overpayments.

I was also told this - it's the same as the existing fix that I'm just about to leave. Only allowed to overpay 10% in January.

sec79

I was told that you could pay 10% of the remaining mortgage in January, without incurring any penalties AND I could pay overpay per month, as long as the monthly payment in total was a maximum of £499. The monthly payment every month for me to make would be £350, if I didn't overpay.

I double checked this when on the phone as it seemed to generous to me compared to other mortgages and overpayment terms

jamespmg44

sec79 wrote: »

I was told that you could pay 10% of the remaining mortgage in January, without incurring any penalties AND I could pay overpay per month, as long as the monthly payment in total was a maximum of £499. The monthly payment every month for me to make would be £350, if I didn't overpay.

I double checked this when on the phone as it seemed to generous to me compared to other mortgages and overpayment terms

Ah - might be different for lower mortgage amounts.

My monthly payment is just over £700 which is why that may not have been open to me.

Mudbath

Mine is just under £700 so what you're saying makes sense Jamespmg. I've double checked and I can't make monthly overpayments...just the 10% in January.

cbrpaul

sec79 wrote: »

I was told that you could pay 10% of the remaining mortgage in January, without incurring any penalties AND I could pay overpay per month, as long as the monthly payment in total was a maximum of £499.

yes thats the same as they said to me im sure !!!

my monthly's are also over £700 pm , so maybe thats the difference ?

sandspider2000

My repayments would be around £580. They told me I can make a 10% outstanding sum overpayment every January, and up to £499 overpayment per month (apart from Jan).

blueyellowred

Well - this is clear as mud! Info below is from paperwork I got this morning and I do wish they implement 'simple English' rule.

11. You can make overpayments on your mortgage acc, but ERC will be payable on any overpayment made during the period(end date of this offer will be same for everyone - 30/04/2014) within which an ERC is payable.
When the period withing which an ERC is payable has expired, any overpayments that you make after this date will not be subject to an ERC.
Overpayments of less than £500
If you make a regular lump sum payment on your mortgage acc, which is less than £500, the amount you owe, and so the amount of interest you pay, is not recalculated immediately, but at the end of month.
Overpayments of more that £500
If you make a capital payment that is, an overpayment of more that £500, the amount you owe, and so the amount of interest you pay, is recalculated immediately.
Notwithstanding the above, we allow you to make penalty free overpayment every January that falls within period which ERC is payable on the following condition.
Only one overpayment is allowed, being £500 or more over and above the monthly payment due each January during the period withinh which an ERC is payable.
The overpayment shall not exceed 10% of the amount outstanding on your morgatge acc at the time it is made, subject to being minimum amount of £500.

Then it says about ways to pay - and does not mention the way I was told to make it ( and liked it). There is some more blurb but does not look important.
They open from 8am tomorrow - I will try to be first caller. Will update then.

Edit to say- my payments would be like persons above me and I was given same info on payments, amounts and dates.

dannykos

incase anyone is still wondering about the valuations... I paid on monday - missed a call on tuesday - made an appointment today... for TOMORROW!?

now that's quick!! fingers crossed I'll get a good valuation - looking for £189k - up from their £181

stolt

dannykos wrote: »

incase anyone is still wondering about the valuations... I paid on monday - missed a call on tuesday - made an appointment today... for TOMORROW!?

now that's quick!! fingers crossed I'll get a good valuation - looking for £189k - up from their £181

Dannykos, how long did it take for A&L for them to process your application. i have only just sent paperwork off to abbey yesterday for there 5yr fix at 3.95% and if i have done my calculations right this A&L deal will save me £600. But I'm wondering if A&L are slow i dont want to hold up the process of the house purchase any longer even though my solicitors havent had any contracts from the vendors solicitors yet. I already bank with alliance and leicester so that may help.

dannykos

sorry - I haven't even applied yet, as my LTV came out at 67%, so the valuation is to get it down to below 65%. I'm an existing customer, so once that's complete - I just need to sign some form, change bank acc's, and then... voila!