Fixed rate mortgages

moose1962

im 1 year into a 5 year fixed rate mortgage with the alliance + leicester.

can anyone tell me if im allowed to make over payments without incurring penalties ? or even pay off a lump sum ?

ViolaLass

Why not ask them directly?

opinions4u

moose1962 wrote: »

im 1 year into a 5 year fixed rate mortgage with the alliance + leicester.

can anyone tell me if im allowed to make over payments without incurring penalties ? or even pay off a lump sum ?

You will have the answer in your Key Facts document and your mortgage offer.

Alternatively, call them.

It's possible for A&L to allow additional repayments on some of their fixed rates, but not on others. So you will find it difficult to get absolute clarity here. Check your documents!

_Andy_

moose1962 wrote: »

im 1 year into a 5 year fixed rate mortgage with the alliance + leicester.

can anyone tell me if im allowed to make over payments without incurring penalties ? or even pay off a lump sum ?

Out of interest, if some random on a message board who may or may not know the answer said 'no', would you not attempt to overpay?

What I'm getting at is, why on earth would you not ring A&L and find out that way?

s-a-h-

Bearing in mind the time moose1962 posted, he/she would not be able to ring for any information. Perhaps there is a lot of financial details they have been trying to sort out before trying to get a good nights sleep?

opinions4u

s-a-h- wrote: »

Bearing in mind the time moose1962 posted, he/she would not be able to ring for any information. Perhaps there is a lot of financial details they have been trying to sort out before trying to get a good nights sleep?

I hope he/she slept well.

How could I have improved my answer, other than offering an opportunity for time travel to fit in with when call centres are open?

moose1962

_Andy_ wrote: »

Out of interest, if some random on a message board who may or may not know the answer said 'no', would you not attempt to overpay?

What I'm getting at is, why on earth would you not ring A&L and find out that way?

i was too tight to call them,phone calls cost money especially when i enquired at my local branch of A+L, and they told me to ring the mortgage regional office on a premium rate number that keeps you on hold for an eternity.
i will be going back into my local branch tomorow....thanks for advice anyway.:beer:

ViolaLass

moose1962 wrote: »

i was too tight to call them,phone calls cost money especially when i enquired at my local branch of A+L, and they told me to ring the mortgage regional office on a premium rate number that keeps you on hold for an eternity.
i will be going back into my local branch tomorow....thanks for advice anyway.:beer:

'say no to 0870' and Skype.

Also, as pointed out earlier, the answer should be on your mortgage documentation.

s-a-h-

opinions4u wrote: »

I hope he/she slept well.

How could I have improved my answer, other than offering an opportunity for time travel to fit in with when call centres are open?

Hope I haven't offended you, I was answering Andy who wondered why the phone call hadn't been made straight away.
On the other hand, Andy may have not noticed the time of posting.
Also, from the answer it does appear that the finances are a juggling act for moose.