Overpaying by more than 10% on fixed mortgage

saving123

We have a fixed mortgage and are only allowed to overpay by 10% of the value of the mortgage per year. This year we have been paying a lot of overpayments and I could see the possibility of us being in the position to overpay by more than the 10%. I believe that we are charged a proportion of the fee. Is it still likely to be better to pay the extra to the mortgage as opposed to putting it into a savings account. We are on a relatively high rate of about 6%.


thanks

kiddakidda

How long have you got before the penalty period expires?

saving123 wrote: »

We have a fixed mortgage and are only allowed to overpay by 10% of the value of the mortgage per year. This year we have been paying a lot of overpayments and I could see the possibility of us being in the position to overpay by more than the 10%. I believe that we are charged a proportion of the fee. Is it still likely to be better to pay the extra to the mortgage as opposed to putting it into a savings account. We are on a relatively high rate of about 6%.


thanks

getmore4less

What's the question?

not enough information if you want to calculate if it's worth overpaying more.

what's the penalty?
how is the 10% calculated?
what rate tax payer
filled ISAs yet

does the penalty change at some point.
isthe ability to overpay going to ne ongoing

size term rate of the morgage andtype of deal