Limited to 10% OP per year .....

Zed42

Hi there,

This may sound a stupid question (and it may well be!) ... however, I don't know the answer and looking through the documents I have doesn't seem to make it clear either.

I have an offset base rate tracker from the Woolwich, and I know that we are limited to only being able to overpay 10% per year.

Which is ok ....

Except ..

Does that mean 10% of the original mortgage amount, or 10% of the amount outstanding at the time of our annual statement?

Help!!

Mortgage_Reduction_Novice

Its usually the amount for that year but worth a phone call to confirm with Woolwich.

littlemrtinkle

i would ask them for confirmation by post, so you have a record. If you feel you could overpay by more than 10% you could change your term. Some lenders charge for this others don't.