We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Something I just don't get

Options
I'm looking to remortgage but am also playing with the idea of becoming mortgage free. How do people overpay in the face of Early Repayment Charges? Or am I misunderstanding this and it is only if you intend to switch again within a certain 'deal period' that you'd have to pay this?

I know on my last fixed deal I could only overpay by up to 20% but if I'm interested in becoming MF do I need to avoid this sort of condition?

Just dipping my toes at the moment!!
"He hopes and he wished it but it didn’t fall in his lap so he ain’t even here"

Comments

  • CathT
    CathT Posts: 7,133 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Usually ERC charges apply if you want to come out of mortgage but providers will impose restrictions on what overpayments you can make within this mortgage deal. Should be specified on your paperwork. Eg, I am on a fixed tracker but am free to make any OP's I like on the mortgage. No minimum - no maximum. Even if I could only overpay 10% a year I would never achieve this figure anyway.

    HTH.
    June 2025 - part 1 - £19,145 part 2 - £21,973 Total - £41,118 29 months to go!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.