We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Switching at end of fix?
FreddieFrugal
Posts: 1,752 Forumite
Hello, this is still a couple years in the future, but I'm just curious.
I'm with nationwide on a 4 year fix. If at 3 months remaining on fix, I choose to switch to a new deal with current provider, will my overpayment allowance stay the same I.e. 10% of original mortgage or will it change to being 10% of the opening balance at the start of the new fix?
I know if I did a remortgage to a new company it would be the opening balance at the time. But is it different in this case?
I'm with nationwide on a 4 year fix. If at 3 months remaining on fix, I choose to switch to a new deal with current provider, will my overpayment allowance stay the same I.e. 10% of original mortgage or will it change to being 10% of the opening balance at the start of the new fix?
I know if I did a remortgage to a new company it would be the opening balance at the time. But is it different in this case?
Mortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)
Savings target June 18 - £22,281.99 / £25,000
Savings target June 18 - £22,281.99 / £25,000
0
Comments
-
It would be 10% of the opening balance at the start of the new fix.0
-
Unless you go with a tracker product, then there are no limits.0
-
missis_amber wrote: »It would be 10% of the opening balance at the start of the new fix.
Thanks, that's what I has assumed but just wondered. It's a shame! Will just have to reduce the term of the mortgage to overpay that wayMortgage remaining: £42,260 of £77,000 (2.59% til 03/18 - 2.09% til 03/23)
Savings target June 18 - £22,281.99 / £25,0000 -
You can normally make a large overpayment when you switch IF you have the spare money.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards