10% overpayments barclays/woolwich great escape

want2bmortgage3

I know how to make an overpayment, basically sending money to an account number and sortcode, to reduce the balance.

I am nearly in the 2nd year of my fixed deal on this mortgage, in the first year the balance was 100k and ive overpaid exactly 10k. Balance is now about 87k so i guess i can pay 8.7k this year.

When can i start paying extra for the second year? if i paid it slightly early would there be a penalty?

If anyone knows how it works please let me know!

3conheo

When does your fix rate end? Once u go back to there svr u can pay as much as you want i think as that is what i currently do

want2bmortgage3

thats a good point, however i am only just coming to the end of the first year. i have definitely paid the max for the first year, which ends i think on feb 7th. i really want to pay some more off asap before i waste it on other things, but i just wanted to know if i could send the money over now without a penalty. ie will they class it as excessive overpayment for the first year or will they see it as overpayment for the 2nd year?

getmore4less

you will have to ask barclays on that one.

In the mean time stick it in the mortgage current account so you don't touch it.

i really want to pay some more off asap before i waste it on other things

if you have a problem budgeting fix that.

Whats the mortgage rate? you may be better off savong.