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Extra payment to mortgage before moving house?
Loopy28
Posts: 463 Forumite
I have approx 49k left on my mortgage with Santander and can pay 10% per calendar year overpayment.
I am in the process of finding a new house to move to and might need to change mortgage provider (long story).
I will incur an early repayment charge of 5% for doing this.
I have 5k in my savings account and I am wondering if it would be worth overpaying the 10% of the mortgage of about £4900 to reduce my ERC. This would mean I should hopefully save £245.
I don't know if it is as straightforward as that though? Thanks for your advice/help.
I am in the process of finding a new house to move to and might need to change mortgage provider (long story).
I will incur an early repayment charge of 5% for doing this.
I have 5k in my savings account and I am wondering if it would be worth overpaying the 10% of the mortgage of about £4900 to reduce my ERC. This would mean I should hopefully save £245.
I don't know if it is as straightforward as that though? Thanks for your advice/help.
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