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Overpayments
Assistant
Posts: 25 Forumite
Hi
could someone answer my question please.
If I remortgage, Current deal ending, for 10 years, 5 of them at fixed rate. I over pay each month to shorten term.
What happens when I have finished paying at the end of year 5? When the fixed rate also ends. Do I them get fined as such?
I do hope that question makes sense.
could someone answer my question please.
If I remortgage, Current deal ending, for 10 years, 5 of them at fixed rate. I over pay each month to shorten term.
What happens when I have finished paying at the end of year 5? When the fixed rate also ends. Do I them get fined as such?
I do hope that question makes sense.
0
Comments
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Your mortgage product documentation will specify whether overpayments are allowed and if so how much.
Does that help?0 -
Provided you make overpayments only within permitted limits, if the mortgage is repaid at the end of five years, instead of ten, there's nothing else to pay.
Ensure you fully understand the "What happens if you don't want this mortgage any more?" box, section 10 on a key facts illustration and "What happens if you want to make overpayments?" in section 11, or on your mortgage offer.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Even many long term ie 5/10 years fixed rate deals allow 10% overpayments each year but you need to read carefully the T&C,s of the mortgage offer.
Consider offset mortgage if overpaying big style is your plan !!0
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