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How does it work
Running_man
Posts: 140 Forumite
Hi
Allowed to pay off £500 extra per month on mortgage
Now how does it work-With any bank holiday the payment is taken a day later.
The next month it is back on the 1st-so technically I will have overpayed 2 lots of £500 within a month-thereby being charged ERC.
Or am I looking at it wrong?
eg 1st Jan BH so payment taken on 2nd Jan
Next payment 1st Feb
Also fixed term runs out next year on 1st May-but nowhere does it tell me I will be able to make as much overpayments as I want.
Would I be better paying £10000-now and taking ERC or just keep overpaying- it is now 1% Erc
Mortgage around 38000
Allowed to pay off £500 extra per month on mortgage
Now how does it work-With any bank holiday the payment is taken a day later.
The next month it is back on the 1st-so technically I will have overpayed 2 lots of £500 within a month-thereby being charged ERC.
Or am I looking at it wrong?
eg 1st Jan BH so payment taken on 2nd Jan
Next payment 1st Feb
Also fixed term runs out next year on 1st May-but nowhere does it tell me I will be able to make as much overpayments as I want.
Would I be better paying £10000-now and taking ERC or just keep overpaying- it is now 1% Erc
Mortgage around 38000
Remember only people who say money doesn't matter have already got enough :think:
0
Comments
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If it's with Nationwide, I believe it's per calander month so it doesn't matter which day in the month you make the payment on. It may be different for others. Contact your provider, they can clarify it for you.Lil
Mortgage 08/10 £102615.04
Student Loan free Dec 20130 -
Try not to pay any ERC,s so drip feed the money each month and come next May you can overpay as much as you like if on the SVR0
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