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Mortgage overpayment facility 'unavailable'-any suggestions please
ampersand
Posts: 9,778
Forumite
The terms of this post may be too broad for specific help, but I am asking anyway.
A colleague spoke yesterday of having had a lump sum mortgage overpayment refused.
Lender apparently said there was no way of accepting/processing it and that there would be no advantage to the mortgagee, who has several properties. There is no question of financial pressure on the holder.
########
[a] Is there any possibility of switching/conversion here? If so, recommendations please.
What interest-earning alternative is possible for mortgagee to place money if there is no way to overpay? I know rates are v. low atm and the money needs to be left accessible.
Thankyou for any pointers.
A colleague spoke yesterday of having had a lump sum mortgage overpayment refused.
Lender apparently said there was no way of accepting/processing it and that there would be no advantage to the mortgagee, who has several properties. There is no question of financial pressure on the holder.
########
[a] Is there any possibility of switching/conversion here? If so, recommendations please.
What interest-earning alternative is possible for mortgagee to place money if there is no way to overpay? I know rates are v. low atm and the money needs to be left accessible.
Thankyou for any pointers.
CAP[UK]for FREE EXPERT DEBT &BUDGET HELP:
01274 760721, freephone0800 328 0006
01274 760721, freephone0800 328 0006
'People don't want much. They want: "Someone to love, somewhere to live, somewhere to work and something to hope for."
Norman Kirk, NZLP- Prime Minister, 1972
***JE SUIS CHARLIE***
'It is difficult to free fools from the chains they revere' François-Marie AROUET
Norman Kirk, NZLP- Prime Minister, 1972
***JE SUIS CHARLIE***
'It is difficult to free fools from the chains they revere' François-Marie AROUET
0
Comments
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Normally, its only during tie in periods that some lenders wont accept overpayments (others have a lower limit). Outside of tie in, then normally you can overpay.
So, your colleague may want to find out when they can over pay (end of deal being likely). Then they can plan the options to match that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Who is the lender?"You were only supposed to blow the bl**dy doors off!!"0
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########maninthestreet wrote: »Who is the lender?
n/k atm - hence first sentence, but thankyou for reading.
May know more after weekend.CAP[UK]for FREE EXPERT DEBT &BUDGET HELP:
01274 760721, freephone0800 328 0006'People don't want much. They want: "Someone to love, somewhere to live, somewhere to work and something to hope for."
Norman Kirk, NZLP- Prime Minister, 1972
***JE SUIS CHARLIE***
'It is difficult to free fools from the chains they revere' François-Marie AROUET
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