Overpaying instead of protection

kingrollo

Due to the price of mortgage protection - I have thought about overpaying on my mortgage. I wonder if I overpaid say £100 per month - would my mortgage be 'in credit' - ie if the worst happened and I was unable to pay - would I already be in advance of payments - and so it would be longer before I fall into arrears ???

Bear_family

Some mortage companies allow this, but all differ so you need ask. If they do, ask them what it is you exactly have to say when you had over the money at one of their branches or what wording you need to put in the letter if you mail cheques, so the staff don't get confused!

Bf

David_B_2

I agree with Beer family you need to double check and to make. If the worst does happen you need to be sure that you can rely on this.

Good idea to pay extra now whist you can so at least your knocking interest and years of your current mortgage loan what ever happens.

From your question, does that mean your income may not be 100% secure?

What about putting the £100 into a high saver with instant access? This could be used to save mortgage overpayments and used in the event that you need it to pay the normal monthly mortgage bill if the worst does happen.

Hope this helps & good luck in beating the bank which ever way you go ;-)