Halifax Sub Accounts And Overpayments

bigstevex

I can't find an answer to this anywhere in our mortgage info and 2 calls to halifax have given me conflicting answers which doesn't help.

Currently on 2 deals with Halifax (80K and 23K).. Long story but

1 Product is due to end in October (80K) and the other is running until April 2019 (23K). Both are fixed rate/term.

We can make 10% over payments at present on the account which we do and the payments can be to either of the sub accounts as long as it doesn't go over 10% of the total due at the start of the year, i.e. we can make a 10k payment to the smaller 23K account as it's across the whole account and not the product,

however now the question no one can answer.. the deal which ends in october, we want to make 30k overpayment to the account in january.

Would I be right in saying that once the deal ends on that account, it then becomes exempt from being tied into the 10% rule in any way what so ever? We're kind of having best of both worlds which I'd be surprised a bank allows however how can they stop us if we're back on the SVR with the deal ending in october?

Hope that makes sense

Lilla_D

Yes, once you're out of the fixed rate deal and on the SVR, you should be able to make an unlimited overpayment to that sub account. The mortgage offer and your annual mortgage statement should both confirm this fact where they detail the conditions for early repayment charges and the overpayment facility. So what exactly is the conflicting information that Halifax has given you?

getmore4less

What's missing are the rates without those you can't work out the optimum strategy.

Actual cash flow available would also help.

As would LTV on current debt.

bigstevex

Currently at 58% ltv and the current rates are both 1.99% (Not the best I know by far, however, our house is not worth what they have it down as (bought peak 2007)

The conflicting bit is that I can only make a 10% max payment next year as I still have part of the whole account on a fixed rate. On the other hand, I was also told, don't worry once you're on the SVR, you can pay what you want to that sub account. I may call up again and see what I get told a third time.