mortage advise

SPOTTEDCUP

hello

due to see a ifa in the new year to sort out a mortgage, we will be looking for one with the option to over pay just want to get a rough idea of our options


1 what will be the most we can over pay 10% of total balance?

2 does this mean a higher apr?

3 any bank /builing society known for this type of mortage?

opinions4u

SPOTTEDCUP wrote: »

due to see a ifa in the new year to sort out a mortgage, we will be looking for one with the option to over pay just want to get a rough idea of our options

Make sure you clearly explain your needs to your IFA.

1 what will be the most we can over pay, 10% of total balance?

I've added a comma, to clarify what I think the question is.

The answer is "it depends on the lender". 10% is typical of many, but not all mortgages.

2 does this mean a higher apr?

While flexible features usually mean slightly higher cost, 10% is not out of the ordinary, so I'd suggest there is little or no impacton on rate or fees.

3 any bank /builing society known for this type of mortage?

Most - but why worry about it if you're seeing an IFA?


OP, this isn't aimed directly at you (only a bit then!), but has anybody else on this forum noticed a complete lack of ability from numerous posters to use the word ADVICE !!

Wutang_2

opinions4u wrote: »

but has anybody else on this forum noticed a complete lack of ability from numerous posters to use the word ADVICE !!

Absolutely!! It does my head in. Rather than mention it any more, I have put a punchbag up with the words ADVISE sellotaped to it to release all my frustrations.

It sort of works.

Thanks

Wu