Savings & Mortgage...

Hi,

We are due to remortgage at the end of 2017. We can overpay 10% a year without any fee. Say we have essentially 15% overpayments saved, is it possible to use 10% to overpay, then somehow pay off another 5% before we switch to another provider without any penalties? In my head I'm thinking we remortgage at a lower amount (-5%) but I'm not sure who we would actually pay the 5% to and whether that's at all possible!

If not possible, any other suggestions welcome. Thinking trying to pick a mortgage with no cap on overpayments when we remortgage is perhaps an option?

Hope that makes sense. And thanks in advance.
  • [STRIKE]Credit Card: £2,989 / £2,989[/STRIKE]
  • Bank Loan: £12,000 / £14,000

Replies

  • PepperoniPepperoni Forumite
    461 Posts
    Debt-free and Proud!
    I think I meant to post this in the general mortgage question board, not sure how I move it though!
    • [STRIKE]Credit Card: £2,989 / £2,989[/STRIKE]
    • Bank Loan: £12,000 / £14,000
  • edinburgheredinburgher Forumite
    12.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Could you OP the 10% and then get them to change the term so that your standard monthly payment was equal to the old payment + 5% of property value? It would put up your monthly payment, sure there must be some way to finesse the desired amount.
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