Best Mortgage for Overpayments and Lump Sums

Mysteek

I have a mortgage with H*BC which is fixed for 2 years, finishing November this year. I can only make 20% overpayments on the mortgage I have at present, which has to be done through the monthly DD. It appears that only tracker mortgages (or standard mortgages) allow for unlimited monthly overpayments or lump sum payments, again it says on their web site that these also have to be done through the monthly DD.

When the fixed rate finishes in November, I want to re-negotiate to have a mortgage with unlimited monthly overpayments/lump sum payments but it seems a faff having to do it through DD each month. Do all mortgage lenders work this way or do some allow for transfer of funds to the mortgage account, thereby cutting out the faff of contacting them each time to change the DD for that month.

Just wanted some advice on this before I need to start thinking about re-mortgaging, and also any suggestions on any 'good' mortgages would be gratefully appreciated.

edinburgher

Yes, plenty of lenders allow you to make additional capital OPs.

Your best bet would be speaking to a whole of market mortgage broker nearer the time for recommendations, they will take your preferences into account and will probably save you the most money.

JimLad

Ours is currently a santander fixed term mortgage and we are allowed to make 10% in overpayments in a calendar year. This could be a lump sum or every month. Our fix is up next year when we should have about 60k so we will be looking for one which will allow unlimited overpayments. Like you say we might have to go variable!

Mysteek

Thanks for your replies, edinburgher and JimLad. Looks like I have quite a bit of thinking to do!!