Need to remortgage - but to where?

shjo558

I am at the point now where I cannot overpay anymore to my mortgage each month as I've reached the 10% overpayment rule with Halifax.

I know that some providers allow unlimited overpayments but I'm struggling to find them online.

Is there a list on MSE or can anyone point me in the right direction?

Thanks

originalmiscellany

If you're able to overpay a load, why don't you get an offset mortgage? such as First Direct? They allow infinite overpayments, which is something we're taking advantage of

dimbo61

Have a look at YBS and barclays which also do offset mortgages

dimbo61

Could you check and see if you can reduce the term

shjo558

dimbo61 wrote: »

Could you check and see if you can reduce the term

I'm not keen on doing this tbh, at the moment we could pay our mortgage if one of us was made redundant which is a nice comfort blanket. Reducing the term would obviously increase the contracted monthly payment which could cause problems if we had a sudden income decrease.

I'll have a look at the ones suggested above so thanks for your help.

kingstreet

Any flexible mortgage will allow unlimited overpayments, so it's not a particular lender you're looking for, it's a product type.

In addition, any tracker or discounted variable product with no early repayment penalties will also suit.

blueberrypie

shjo558 wrote: »

I'm not keen on doing this tbh, at the moment we could pay our mortgage if one of us was made redundant which is a nice comfort blanket. Reducing the term would obviously increase the contracted monthly payment which could cause problems if we had a sudden income decrease.

Some lenders will allow you to reduce the term and later increase the term back to its original end-date without any fee/credit check/hassle. I don't know what Halifax's policy on this is, but it's worth finding out. We're in a very similar situation - we have been overpaying on the mortgage, but when a redundancy threat loomed, I simply called Woolwich and asked them to revert to the original term - one phone-call, and a letter confirming it a few days later. The payment now is lower than it was even when the original term was set up, because of the overpayments.

Thrugelmir

LloydsHBOS up until 31st March 2011 allowed unlimited overpayments across its mortgage range by removing the restrictions. The Halifax is part of the group. So you could have potentially repaid far more.