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Halifax mortgage question....
Viz_2
Posts: 720 Forumite
My Halifax 2 year tie in mortgage (4.29% ) is coming to an ending in October.
I pay £905 each month but limited to 10% over paying if choosing to do so.
I haven't actually paid any over payments yet, but would like to know if I can pay 10% of the 2 year deal, ie - £2170 in a one off payment ?
Cheers
I pay £905 each month but limited to 10% over paying if choosing to do so.
I haven't actually paid any over payments yet, but would like to know if I can pay 10% of the 2 year deal, ie - £2170 in a one off payment ?
Cheers
Never buy a stupid dwarf -
Its not big and its not clever.
Its not big and its not clever.
0
Comments
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I have only ever found it to mean 10% per year, so when the next year rolls over, last year's chance has gone (like ISAs). But I'm sure someone more knowledgable will be able to say.0
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Normally, the terms state 10% of outstanding in any one year. But you will have to check your deal to see if that will be allowed. Or ring them - you never know, you may get some sense out of them!The past: Single teenage mother of twins: debt everywhere!
The present: Wage slave for a FTSE 100, no debt but the mortgage & my time.
The future: My time will be my own, my money will be my own.
Will the Wonga Wallah help you solve your debts by increasing your income?0 -
OK, thanks.
Also, can a years 10% be payed before the year is complete ? I mean, I still have 6 months until my deal expires so can I only pay 6 months worth ?
Or do I have to wait until October time to pay a full 12 months worth.
Thanks again.Never buy a stupid dwarf -
Its not big and its not clever.0 -
My mortgage year begins in September, and at the start of this month I completed the 10%. so no more overpayments for me until Sept. But you can pay it on the first day of the year as far as I am aware. My plan is to save up what I can't pay in between now and Sept, and then pay it all at the start of the year.0
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My mortgage year begins in September, and at the start of this month I completed the 10%. so no more overpayments for me until Sept. But you can pay it on the first day of the year as far as I am aware. My plan is to save up what I can't pay in between now and Sept, and then pay it all at the start of the year.
Oh I'm not sure I understood you properly. Does my post make sense as a response?0 -
Yes, thankyou.
I will phone Halifax tomorrow to see if I can pay 1 years 10% now.Never buy a stupid dwarf -
Its not big and its not clever.0 -
Hi,
As a side note, why would you want to overpay your 4.29% mortgage now? You would be better off putting this money in a saving account. As long as the saving rate is greater than 5.5%, you'd earn more interest this way (and it is quite easy to find a "no notice saving account" with such an interest rate at the moment).
Regards0
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