Mortgage overpayments

frivolous_fay

We have a repayment mortgage with Abbey, the overpayment limit is 10% on that too.

10% overpayment would work out as £22,600 for us _pale_

gemma.zhang

Trying_to_be_good wrote: »

When I remortgaged in July I asked the broker for one that I could make unlimited overpayments on - I now have a lifetime tracker with Woolwich that I can overpay on as much as I like. And as it's a (good) lifetime tracker, I shouldn't have to worry about remortgaging every couple of years. And it was fee free, with legals paid except for £50!

I'd advise anyone to work out what you want your mortgage to do, and challenge a broker to find it for you - you'll be amazed how good the match can be!

Sounds a really good deal. What's the tracker rate on this ?
We're taking a discount tracker with Natwest, which is -0.27% below Base Rate, with 200 pounds cash back. However, it's only 2 yr.. will need to re-mortgage afterwards..

MORPH3US

I have a 5 year fixed rate with HSBC and they allow 20% overpayments each month which I have made ever since the very first payment.

OP, if you have some spare cash each month, whack it in an ISA or a high interest savings account and then when your fixed rate ends, pay a lump sum off. It will make little difference which way you do it.

M

robp

We just bought a house using a NatWest part repayment, part interest-only mortgage.

As mentioned previously, this allows us a 10% overpayment which of which we made our first today!

We finally sold our old house and would have made a lovely overpayment of £35,000 today, if NatWest would let us either:-

1> Pay more than £2,000 using a NatWest Debit card
2> Make an internet transfer of >£10,000

I know they block all of this for security reasons, but why do their staff advise you how to pay only for this advice to be incorrect? Almost as bad as the NHS advice we had recently....

The rest we will invest until Year 2 when we will be able to make another 10% payment.

We hope to work hard to maintain this level of overpayment, and perhaps switch to a more flexible mortgage after the 2 year lock-in has ended.

Good luck with your targets!

Rob