Early repayment mortgage help

I am trying to find a mortgage that we can repay over a total of 2.5 to 3 years without getting penalised massively in early repayment charges. I have spoken to a few financial advisers, mortgage brokers and they seem to be blinkered into selling me a longer term loan

We need the following
1) A primary mortgage that allows buy to let. (My husband is in the army, we are in rented accomodation)
2) A mortgage where we can overpay each month in addition to the rental income.
3) I am interested in an offset mortgage - not sure whether you can get this as a primary mortgage. We would then overpay each month in addition to the rental income. If possible I would also like the option to draw from this mortgage for any emergency funds.

Can anyone steer me in the right direction?








Replies

  • TixyTixy Forumite
    31.5K Posts
    The mortgage board section of the forum would be a good starting point - Mortgages & Endowments
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Tixy wrote: »
    The mortgage board section of the forum would be a good starting point - Mortgages & Endowments

    Thank God for your life - What would we do without your input.
    I owe £3233 @ 0%
  • JimmyTheWigJimmyTheWig Forumite
    12.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I've never seen a mortgage that is less than a 5 year term.
    But that doesn't necessarily mean you will pay early repayment charges for that whole length of time.

    For example, you might get a 5 year repayment mortgage that allows 10% overpayments each year with a fixed/discounted rate for the first two years.
    So in those first two years you might pay off about 40% of the capital in total - 20% via regular repayments and 20% via overpayments.
    Once the fixed/discount rate has finished you'll go on to the follow on rate (often SVR) with no redemption penalties. You can then pay off the balance whenever you want to. You can use money you've put into savings in the first two years (because you couldn't overpay as much as you would have liked) to help with this.
  • dunstonhdunstonh Forumite
    110.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    I have spoken to a few financial advisers, mortgage brokers and they seem to be blinkered into selling me a longer term loan

    Nothing to do with the fact that 5 years in the minimum term then?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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