Overpaying by 10%

Moneygrabber89

Great little tool this

midnight_child

I am with HSBC and use the online banking facility to move money from my HSBC current/savings accounts to the mortgage. But be aware that once you transfer it to the mortgage account you cant get it back again.
The online banking tells you how much of your 10% you still have remaining, so you shouldn't get stung with any fees.

What is your LTV? By overpaying can you get it into a better bracket before October?

There are some current/savings accounts that will pay up to 5%, which will beat the mortgage rate, though you may have the cash inaccessible when you want to renegotiate mortgage, if the aim is to reduce the mortgage at that point.

One final point....... Why the strong desire to change mortgage company in October? You could select from a range of fix/tracker products as a retainer and and this could well be cheaper (avoids valuation and legal fees), and does not require going through the hassle of making a new full mortgage application.

MC