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Can you over pay on a fixed rate?
summer1982
Posts: 44 Forumite
As the title says really 
0
Comments
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It depends on your deal - phone your lender to find out or check your documentation. Halifax allows 10% of the amount outstanding a year, other lenders will differ.0
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Most will let you overpay with the majority run the 10% per year option. Check your mortgage offer for details.
Also asked for payments to be recalculated if the aim is to reduce outgoings rather than the termI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
Yes, certainly for RBS anyway who allow up to 10% of balance per year
It normally says on your paperwork0 -
Also asked for payments to be recalculated if the aim is to reduce outgoings rather than the term
Oddly enough I've never heard anyone say that before - always the other way round (i.e. make sure your lender knows that you want to pay for a shorter period)0 -
edinburgher wrote: »Oddly enough I've never heard anyone say that before - always the other way round (i.e. make sure your lender knows that you want to pay for a shorter period)
The Woolwich approach to the decrease in the BofE highlighted this.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0
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