Paying mortgage off - what to look for when moving mortgages - help required

David_B_2

I cut a long story short, I like most on here want to pay my mortgage off earlier than the original 25 years. I'm 7 years into a 25 year term and currently in a second introduction rate that finishes in Oct 2006. I'm sure (but will check) that I can not overpay during this period so am currently paying what ever extra cash into a high rate ISA in which my wife is doing the same (with her ISA) and then come Oct we intend to pay a sum off the mortgage with the savings.

My questions are:-

From what I have read I understand that in October I should either be looking for a mortgage that always unlimited overpayments with no penalties and that the interest is calculated daily. As well as any penalty fees for moving ect, what else should I be looking for from my current or new mortgage provider when looking at new mortages?

I currently have a capped repayment mortgage with the Halifax, has anybody done any of the above with Halifax as just get the feeling that I'm going to need to move and no doubt this will cost me.

PS: As further information my statement last year was that I had £36000 remaining.

Many thanks in advance and good luck to all

Dave

Thefunkygibbons

You have found two of them
1. Unlimited repayments without penalties
2. Daily interest calculation

The one I would add is
3. No set limits on the size of overpayments, some lenders used to insist that the minimum was say £1000 or that they had to be in round £hundreds

Given the size, an offset will not work

In addition, if you wish to move the mortgage, it may be best to hold off paying any more down, as you are getting close to the minimum mortgage size for some lenders, and that will mean less competition. Keep the savings and pay them off once you have that good deal