Are there any "pay as much as you want" Mortgages?

johnathan3

For example, say I make £5,000 per month, and I want to spend that all on the Mortgage, every month, so that It gets paid off within 5-6 years.

Are there any banks that will do this? I did look around but it seems they actually charge you extra if you overpay, as they want to keep you in a long term contract so they get their money's worth.

Thanks in advance.

kingstreet

Use a penalty-free, unlimited overpayment product, offset or current account mortgage.

Mrs_Z

HSBC Tracker mortgage is one.

penguingirl

Our first direct offset mortgage allows unlimited overpayments (and we can easily withdraw them again too), plus it has the advantage of being offset even if we don't make overpayments. At the end of the term (or if we change mortgages) there is an early repayment fee, but ours is only about £200.

Gizmo247

Just to clarify, the £200 is actually just a standard mortgage closure fee rather than an early repayment fee.

An offset account with a facility to post and withdraw from the mortgage account at will (like the FD offset) with a low lifetime tracker rate is the ideal MFW vehicle for a last-ever mortgage.

kingstreet

Don't forget FD's revised minimum income rules for the Offset product.

Goldiegirl

You could always take a mortgage product when the application starts, and when it expires, go on to the SVR.

People on the SVR can generally make overpayments whenever they want.

Gizmo247

kingstreet wrote: »

Don't forget FD's revised minimum income rules for the Offset product.

Oh, I missed that! Pity. :-(

John1993_2

johnathan3 wrote: »

For example, say I make £5,000 per month, and I want to spend that all on the Mortgage, every month, so that It gets paid off within 5-6 years.

Are there any banks that will do this? I did look around but it seems they actually charge you extra if you overpay, as they want to keep you in a long term contract so they get their money's worth.

Thanks in advance.

From what you ask, would not any 6 year mortgage be fine?

penguingirl

Gizmo247 wrote: »

Just to clarify, the £200 is actually just a standard mortgage closure fee rather than an early repayment fee.

An offset account with a facility to post and withdraw from the mortgage account at will (like the FD offset) with a low lifetime tracker rate is the ideal MFW vehicle for a last-ever mortgage.

Thanks Gizmo, you're right- I couldn't remember what the wording of it was but remembered it was a relatively small amount.

johnathan3

kingstreet wrote: »

Use a penalty-free, unlimited overpayment product, offset or current account mortgage.

Do you have a list of big banks that do these, as someone below you said, HSBC is one.

The reason I dont want a 6 year fixed mortgage is for safety reasons. For example incase my income drops. So that's why I asked for "pay as much as you have" mortgages.