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Unlimited Overpayments

Richbutpoor
Richbutpoor Posts: 5 Forumite
edited 26 April 2014 at 7:58AM in Mortgages & endowments
Hi,

Can anyone please advise on lenders that offer mortgage products with unlimited overpayments, with no early repayment charges?

I know Santander and First Direct offer products that claim to allow "unlimited overpayments" - is this the case in the truest sense? For these I would need to go through the hassle of getting a current account with that lender.

Coventry BS also have some Flexx products which allow this, but seems to be only on tracker mortgages now...

I am looking to take out a 20-25 year mortgage on a £130-£140k property with £40k deposit but pay back in full within 5 years.

Any help would be much appreciated.

Comments

  • ACG
    ACG Posts: 24,689 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There are a few lenders who do it. A lot will be lenders you probably wont have heard of. I dont think many high street lenders offer that facility.

    It might be worth speaking to a broker.
    I am a Mortgage Adviser
    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.
  • silvertabby_2
    silvertabby_2 Posts: 337 Forumite
    Part of the Furniture Combo Breaker
    Try HSBC I have my mortgage with them and have this facility.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Offset would work and allow for a change in circumstances if you need the money back.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You could look at YBS as they do offset mortgages both tracker and fixed.
    They also do friends and family
  • attila_
    attila_ Posts: 462 Forumite
    Ninth Anniversary 100 Posts Combo Breaker
    Santander? Really? I think they limit 10% of capital value remaining.

    So too does natwest and post office and many more...

    Hsbc are the cheeky ones: 20% max overpayment on the monthly value of your monthly payment...basically nowhere near 10% of capital.
  • Slayerx
    Slayerx Posts: 1,285 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    YBS offset mortgages allow 99.9% over-payments.
    Official DFW Nerd Club - Member no. 065
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